Traders work on the floor of the New York Stock Exchange on October 30, 2025 in New York.
Angela Weiss | AFP | Getty Images
U.S. stocks fell on Thursday as investors digested a series of earnings from big tech companies while talks between President Donald Trump and Chinese President Xi Jinping concluded.
of S&P500 It ended the day at 6,822.34, down 0.99%. Nasdaq Composite It fell 1.57% to close at 23,581.14. of Dow Jones Industrial Average It traded 109.88 points (0.23%) lower at 47,522.12.
Mega-cap tech giant alphabet, Meta and microsoft Each announced quarterly results after the market closed on Wednesday. Alphabet shares soared 2.5% on the back of strong results, while Meta and Microsoft shares fell more than 11% and about 3%, respectively. Investors grew concerned about the prospect of increased spending at both Meta and Microsoft.
Meta, Microsoft, and the fall of artificial intelligence chip giants Nvidiamarked a rotation in technology stocks during the session. While they fell, bank stocks such as JP Morgan and bank of america Healthcare stocks rose as well. Eli Lilly’s Better-than-expected quarterly results and increased guidance. Eli Lilly’s stock price rose about 4%.
“This is a day of value,” Jed Ellerbrook, portfolio manager at Argent Capital Management, said in an interview with CNBC. The move by investors is “probably a natural and healthy thing” as technology has led the market recently, he said, but “there are still signs that AI infrastructure spending is very strong.”
Trade has also been in the spotlight after President Trump agreed to lower fentanyl tariffs on China to 10%. This will increase the overall tariff on imports from China from 57% to 47%. As part of the agreement, the Chinese government will work to stem the flow of fentanyl into the United States and purchase U.S. soybeans, along with other agricultural products. China also delayed recent rare earth export curbs by a year. President Trump said, “The rare earth issue has been resolved.”
Certainly, other areas such as Nvidia chip exports and the TikTok sale remain unresolved. China’s Ministry of Commerce said it was ready to cooperate with the United States to “resolve issues related to TikTok,” but the ministry did not provide further details on the issue.
“Things are far from over,” Ellerbrook said, adding: “As long as Trump is president, Trump-related trade movements will continue to be a feature of capital markets. That’s my assumption, and yesterday’s results confirm that.”
In addition to Nvidia, other chip stocks include broadcom and AMD He was under pressure Thursday. Ellerbrook said semiconductors are a “warning ball” between the U.S. and China. “That’s just the nature of semiconductor investing. If you want to grow, if you want to have exposure to the data center capital investment cycle, you have to expose yourself to political fluctuations, and that’s never going to go away,” he told CNBC.
Wall Street ended an eventful day. The Dow, S&P 500 and Nasdaq all hit intraday highs in early trading on Wednesday, with the latter setting a new closing high as well. But both the Dow and S&P ended in the red after Federal Reserve Chairman Jerome Powell indicated the central bank might not cut rates again at its December meeting, which investors had been betting on.
