News from China upset U.S. markets this week and disrupted the frenzy that had built up around artificial intelligence.
A company called DeepSeek announced that it had developed a large language model that can compete with U.S. AI giants but at a fraction of the cost. DeepSeek had already hit the top of the chart for free apps on Apple’s App Store by Monday morning, and analysts said such a feat would be particularly impressive given how the U.S. government has restricted Chinese access to top AI chips.
Chipmakers incurred some sizeable losses. Still, the noise in the tech sector obscured some solid gains in other parts of the market, such as the consumer discretionary sector, which includes Amazon and Tesla, and the communications sector, which counts Meta Platforms as a member. Cruise lines were also standouts.
The S&P 500 closed the week with a loss of 1%. The market got a slight jolt late Friday after the White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners.
Here's a look the week in the stock market, by the numbers:
The week’s decline in the S&P 500 tech sector, the biggest drop in the index in about four months. Big losses for chipmakers like Nvidia, Micron Technology and Broadcom weighed down the index. The decline would have been worse if not for a solid gain in shares of Apple.
The approximate point drop in the S&P 500 Friday between the time the White House confirmed Trump's decision on tariffs and the close of the market. That's a drop of about 1.2%. Though not a dramatic swing, it does harken back to Trump's first term, when pronouncements on trade policy could bring about rapid change in the direction of the stock market.
The approximate decline in Nvidia’s market value on Monday, a record. The decline was more than the combined market value of home improvement giants Home Depot and Lowe's. Nvidia still carries a market value of just under $3 trillion. The company's billionaire CEO, Jensen Huang, saw his net worth drop by nearly $21 billion Monday.
The weekly decline in Constellation Energy Corp., which isn't a tech company but an independent power producer. Shares of power companies such as Constellation, Vistra and GE Vernova had soared on expectations that the build out of AI infrastructure in the U.S. will require enormous amounts of power.
That's the amount Facebook and Instagram parent Meta Platforms agreed to pay to settle a 2021 lawsuit that President Donald Trump brought against the company and CEO Mark Zuckerberg after Trump’s accounts were suspended following the Jan. 6, 2021, attack on the U.S. Capitol. More importantly for shareholders, Meta reaffirmed its commitment to spending heavily to implement its AI strategy.
The weekly gain for Apple Inc., which ironically may have benefitted from DeepSeek's announcement. Unlike tech peers such as Microsoft, Google corporate parent Alphabet Inc. and Meta, Apple hasn’t been investing as heavily in AI – one of the reasons it has been seen as an industry laggard. But that restraint could work to its advantage if DeepSeek’s early breakthroughs in driving down AI costs gains momentum.
Monday's drop in Oracle CEO Larry Ellison’s net worth after the selloff, according to Forbes Real-Time Billionaires list. Ellison’s net worth jumped last week after President Donald Trump said a new partnership formed by OpenAI, Oracle and SoftBank would spend up to $500 billion for infrastructure tied to AI. Forbes' tally shows Ellison made back about $13 billion of the drop as this week went along and Oracle’s stock recovered.
That's when Royal Caribbean Group, known mainly for its namesake ocean cruises, plans to enter the river cruise market. That news, plus better-than-expected quarterly earnings, helped Royal Caribbean post the biggest weekly gain of any stock in the S&P 500 at nearly 15%.
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This story has been corrected to say that Constellation Energy had a weekly decline, not gain.
Traders work on the floor at the New York Stock Exchange in New York, Wednesday, Jan. 29, 2025. (AP Photo/Seth Wenig)
A view of the New York Stock Exchange, Monday, Jan. 27, 2025, in New York. (AP Photo/Julia Demaree Nikhinson)
Glenn Hall, a Hockey Hall of Famer whose ironman streak of 502 starts as a goaltender remains an NHL record, has died. He was 94.
Nicknamed “Mr. Goalie,” Hall worked to stop pucks at a time when players at his position were bare-faced, before masks of any kind became commonplace. He did it as well as just about anyone of his generation, which stretched from the days of the Original Six into the expansion era.
A spokesperson for the Chicago Blackhawks confirmed the team received word of Hall’s death from his family. A league historian in touch with Hall’s son, Pat, said Hall died at a hospital in Stony Plain, Alberta, on Wednesday.
A pioneer of the butterfly style of goaltending of dropping to his knees, Hall backstopped Chicago to the Stanley Cup in 1961. He won the Conn Smythe Trophy as most valuable player of the playoffs in 1968 with St. Louis when the Blues reached the final before losing to Montreal. He was the second of just six Conn Smythe winners from a team that did not hoist the Cup.
His run of more than 500 games in net is one of the most untouchable records in sports, given how the position has changed in the decades since. Second in history is Alec Connell with 257 from 1924-30.
“Glenn was sturdy, dependable and a spectacular talent in net,” Commissioner Gary Bettman said. “That record, set from 1955-56 to 1962-63, still stands, probably always will, and is almost unfathomable — especially when you consider he did it all without a mask.”
Counting the postseason, Hall started 552 games in a row.
Hall won the Calder Trophy as rookie of the year in 1956 when playing for the Detroit Red Wings. After two seasons, he was sent to the Black Hawks along with legendary forward Ted Lindsay.
Hall earned two of his three Vezina Trophy honors as the league's top goalie with Chicago, in 1963 and '67. The Blues took him in the expansion draft when the NHL doubled from six teams to 12, and he helped them reach the final in each of their first three years of existence, while winning the Vezina again at age 37.
Hall was in net when Boston's Bobby Orr scored in overtime to win the Cup for the Bruins in 1970, a goal that's among the most famous in hockey history because of the flying through the air celebration that followed. He played one more season with St. Louis before retiring in 1971.
“His influence extended far beyond the crease," Blues chairman Tom Stillman said. “From the very beginning, he brought credibility, excellence, and heart to a new team and a new NHL market.”
A native of Humboldt, Saskatchewan, Hall was a seven-time first-team NHL All-Star who had 407 wins and 84 shutouts in 906 regular-season games. He was inducted into the Hall of Fame in 1975, and his No. 1 was retired by Chicago in 1988.
Hall was chosen as one of the top 100 players in the league's first 100 years.
Blackhawks chairman and CEO Danny Wirtz called Hall an innovator and “one of the greatest and most influential goaltenders in the history of our sport and a cornerstone of our franchise.”
“We are grateful for his extraordinary contributions to hockey and to our club, and we will honor his memory today and always,” Wirtz said.
The Blackhawks paid tribute to Hall and former coach and general manager Bob Pulford with a moment of silence before Wednesday night’s game against St. Louis. Pulford died Monday.
A Hall highlight video was shown on the center-ice videoboard. The lights were turned off for the moment of silence, except for a spotlight on the No. 1 banner for Hall that hangs in the rafters at the United Center.
Fellow Hall of Famer Martin Brodeur, the league's leader in wins with 691 and games played with 1,266, posted a photo of the last time he saw Hall along with a remembrance of him.
“Glenn Hall was a legend, and I was a big fan of his,” Brodeur said on social media. “He set the standard for every goaltender who followed. His toughness and consistency defined what it meant to play.”
AP Sports Writer Jay Cohen in Chicago contributed to this report.
AP NHL: https://apnews.com/hub/nhl
FILE - Glenn Hall, second from left, stands with fellow former Chicago Blackhawks players Stan Mikita, former general manager Tommy Ivan, Bobby Hull, Bill Wirtz and Tony Esposito during a pre-game ceremony at the Chicago Stadium in Chicago, Ill., April 14, 1994. (AP Photo/Fred Jewell, File)
FILE - St. Louis Blues goalie Glenn Hall, top right, is pinned to his net waiting to make a save on a Montreal Canadians shot as Blues' Noel Picard (4) tries to block the puck while Canadiens' John Ferguson (22) and Ralph Backstorm wait for a rebound in the third period of their NHL hockey Stanley Cup game, May 5, 1968. (AP Photo/Fred Waters, File)
