Deepseek might creatively destroy Australia

Wednesday 29 January 2025

The Market Ear on the Deepseek effect.

Just fine

Other than the impact of the largest US stock nearly entering a bear market in one day, plus some collateral damage in other large stocks, the broader market held up just fine. The S&P 500 fell less than 1.5%, the Dow rose 0.7%, and the CBOE volatility index (VIX) finished the day at a historically low 18.0. Note SPX futures bounced right on the 100 day moving average, and the index continues trading inside the range that has been on place for months. Let’s look at some of the things the bulls have to say this morning.

Source: Refinitiv

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.