**Global Market Brief: Tech Earnings & Pre-Budget Jitters** **Friday, January 30, 2026** Global equities are ending the week on a cautious note as volatility strikes the technology sector and investors position themselves for key fiscal events. A sharp sell-off in major US tech names has dampened sentiment, while Indian markets trade lower ahead of the Union Budget. **🇺🇸 US Markets: AI Spending Fears Weigh on Tech** Wall Street faced pressure as high-profile earnings sparked concerns over returns on massive Artificial Intelligence (AI) investments. * **S&P 500** retreated to **6,969**, slipping **0.13%** as software stocks dragged the index. * **Nasdaq Composite** fell **0.72%** to **23,685**, heavily impacted by a sell-off in mega-cap tech. * **Dow Jones** outperformed, edging up **0.11%** to **49,072**, supported by rotation into industrial and value stocks. **Microsoft** plunged nearly **10%**, its worst day in years, after earnings revealed slowing cloud growth despite surging AI capital expenditure. **Apple** shares remained volatile (+0.7%) after flagging margin pressures due to rising component costs. **🇮🇳 Indian Markets: Pre-Budget Caution** Indian indices opened in the red, weighed down by global cues and nervousness ahead of the Union Budget on February 1. * **Nifty 50** traded below **25,300**, down roughly **0.6%**. * **Sensex** shed over **500 points** to trade near **82,056**. * **Key Drags:** IT and banking sectors faced selling pressure, while domestic institutional investors (DIIs) provided some support against continued foreign outflows. **🛢️ Commodities & Currencies: Gold Crashes, Oil Soft** Commodity markets witnessed significant volatility, with precious metals seeing a sharp correction after a historic run. * **Gold** plummeted approximately **4.3%**, trading around **$5,203** per ounce, as the rally stalled and profit-taking accelerated. * **Brent Crude** dipped **1.5%** to **$68.52** per barrel, reflecting concerns over global demand despite geopolitical tensions. * **WTI Crude** traded lower at **$64.36**. **📉 Crypto & Economic Watch** * **Ethereum** struggled to hold support, dipping toward **$2,700** amid broader risk-off sentiment. * **The Fed:** The US Federal Reserve held interest rates steady this week, maintaining a "wait-and-see" approach on inflation. * **India-EU Trade:** Optimism lingers from the recently concluded India-EU Free Trade Agreement, though immediate market focus remains on next week's fiscal roadmap. **Summary:** Markets are currently digesting the reality of high AI costs against a backdrop of steady interest rates. Investors are advised to watch for further volatility in tech and the outcome of India's budget announcements on Saturday.