US stock market news: Meta shares fell 0.5%, and the Nasdaq Composite decreased by 1.1%. In contrast, the Dow Jones Industrial Average performed well, rising by 259 points, approximately 0.6 percent. The performance of major tech companies significantly influenced stock prices on Thursday. Alphabet’s stock rose about 5% following strong quarterly results. Conversely, Microsoft shares dropped nearly 12%, and Meta fell about 2%, both due to mixed earnings reports. A meeting between Trump and Xi concluded positively, with the two agreeing on several trade-related issues. Trump decided to reduce tariffs on Chinese fentanyl imports to 10%, leading to a decrease in the overall tariff rate on Chinese goods from 57% to 47%.
China committed to addressing fentanyl shipments to the U.S. and increasing its purchases of American agricultural products, including soybeans. However, some matters, like Nvidia’s chip exports to China and the TikTok divestiture, were postponed for future discussions. China’s Ministry of Commerce expressed its readiness to communicate with the U.S. to resolve ongoing issues. Thursday’s stock movements followed a mixed session on Wall Street Wednesday, where the Dow briefly reached a record high intraday before ending the day lower. The S&P 500 closed unchanged, while the Nasdaq saw a nearly 0.6% increase, marking both an intraday and closing record. Looking ahead, investors are curious whether the recent pullback in Big Tech will persist as more earnings reports are released this week.
Many are also monitoring whether the shift from growth to more defensive sectors like banking and healthcare will continue into November.