Stocks were lower Thursday as investors digested a batch of Big Tech earnings, while a meeting between President Donald Trump and Chinese President Xi Jinping concluded.
The Dow Jones Industrial Average shed 131 points, or 0.3%. The S&P 500 dipped 0.6%. The Nasdaq Composite dropped 0.8%.
Megacap tech giants Alphabet, Meta and Microsoft each reported quarterly results after market close Wednesday. While Alphabet shares popped about 4% on the back of strong results, shares of Meta and Microsoft tumbled about 12% and nearly 2%, respectively. Investors grew worried about the increased spending outlooks for both Meta and Microsoft.
Traders also kept an eye on the trade front, after Trump agreed to cut fentanyl tariffs on China to 10%. That bring the overall levy on Chinese imports to 47% from 57%.
As part of the deal, Beijing will work to stop fentanyl into the U.S. and buy American-grown soybeans along with other agricultural goods. China also delayed the latest curb on rare earth exports by a year. "Rare earth issue has been settled," Trump said.
Source: CNBC.com
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