We also break down next week’s catalysts to watch to help you prepare for the week ahead.
In this article:
This week’s tech sector performance
Equity markets traded in a narrow band this week as investors pivoted between unchanged central bank guidance in the US and Canada and a packed calendar of mega‑cap tech earnings.
Technology and semiconductor companies outperformed throughout the week, with factors linked to artificial intelligence (AI) underpinning gains even as rate‑sensitive and cyclical stocks lagged, underscoring that tech earnings quality and AI‑related CAPEX were the dominant themes for market direction rather than macro alone.
Leading into midweek, the S&P 500 (INDEXSP:.INX) pushed to nearly record levels, while the Nasdaq-100 (INDEXNASDAQ:NDX) strung together multiple gains as optimism around AI‑related earnings and resilient corporate profits offset softer‑than‑hoped consumer‑confidence readings.
By Thursday (January 29), however, the mood had turned choppy.
The Nasdaq briefly shed more than 2 percent before paring losses to a roughly 0.7 percent decline, and the S&P 500 closed slightly lower after an intraday drop of over 1 percent as investors digested a mixed bag of earnings from Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT), IBM (NYSE:IBM) and Tesla (NASDAQ:TSLA).
Friday (January 30) saw global markets mixed again after US President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair, pushing the Volatility Index (INDEXCBOE:VIX) back above 18 and weighing on Wall Street futures; meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) followed commodities lower.
Apple’s (NASDAQ:AAPL) record‑breaking quarter helped quell downside in mega‑cap tech stocks and provided a floor for the broader market heading into the weekend.
3 tech stocks moving markets this week
1. Micron Technology (NASDAQ:MU)
Micron Technology marked a record closing level above US$435 on Wednesday (January 28) after HSBC Global Research upgraded it to a “strong buy” and raised its price target from US$350 to US$500.
HSBC analysts predict the company’s earnings could jump by over 440 percent this year due to surging demand for AI‑driven memory. Shares are up 9.04 percent for the week.
2. Meta Platforms (NASDAQ:META)
Meta Platforms jumped on quarterly sales that exceeded expectations and a positive forecast for annual operating income. The company is also projecting higher annual capital expenditures than the previous year. Although Meta gave back some of Thursday’s gains on Friday, it still closed the week 12.08 percent higher.
3. Apple (NASDAQ:AAPL)
Apple posted record revenue that beat Wall Street estimates, driven by the strongest‑ever iPhone performance and record services revenue, with gross margin improving despite higher R&D spending and increased AI‑related investment.
Its share price posted a gain of 4.13 percent this week.
Apple, Meta Platforms and Micron Technology performance, January 26 to 30, 2025.
Chart via Google Finance.
Other earnings this week
Top tech news of the week
Tech ETF performance
Tech exchange-traded funds (ETFs) track baskets of major tech stocks, meaning their performance helps investors gauge the overall performance of the niches they cover.
This week, the iShares Semiconductor ETF (NASDAQ:SOXX) advanced by 0.88 percent, while the Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ) advanced by 0.91 percent.
The VanEck Semiconductor ETF (NASDAQ:SMH) also decreased by 1.19 percent.
Tech news to watch next week
Next week is relatively light on US data releases, with mid‑tier indicators like ISM manufacturing and services surveys, factory‑orders‑adjacent print potentially nudging sentiment. Markets will also be listening for central bank rhetoric, especially any follow‑up commentary from Fed officials after Kevin Warsh’s nomination.
Alphabet (NASDAQ:GOOGL) will report its Q4 earnings on February 4 after the close. Investors are watching AI‑related ad‑tech and cloud growth, plus CAPEX guidance. Applied Materials (NASDAQ:AMAT), a bellwether for how much chipmakers are still willing to spend on tools for AI‑driven memory and logic chips, will also report. Investors will look for confirmation signals that the AI CAPEX cycle is healthy and not peaking
Amazon will report its Q4 earnings on February 5. Investors will be searching for proof that AI-driven advertising and logistics efficiency are significantly boosting earnings.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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