CNBC Business News Update Market Midday: Stocks Lower, Software Stocks Tank, Microsoft Down 11%, Gold Pulls Back From Record 1/29/26
Jan 29, 2026
David Faber, a CNBC journalist known for market and business analysis, breaks down a sharp selloff in software stocks and Microsoft’s steep drop. He covers gold’s pullback after record highs and what jobless claims and recent earnings tell investors. Short, timely market headlines and sector moves are highlighted.
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Midday Market Drop And Sector Split
- Markets dropped midday with the Dow, S&P and Nasdaq all lower due to geopolitical and political risks. Equity weakness was concentrated in software stocks while some large caps still hit record highs.
Rotation From Public SaaS To Private AI
- Software stocks saw a significant decline, with Microsoft falling double digits and Salesforce at lows since Nov 2023. Market cap appears to be rotating away from public SaaS names toward private AI firms like OpenAI and Anthropic.
Gold Pullback After Parabolic Run
- Gold pulled back after a parabolic run, giving back about 2% following nine record closes this year. The decline reflects profit-taking once a price move becomes unsustainably steep.