US Stocks Fall, Earnings and Fed Weigh
The S&P 500 was down 0.5%, the Nasdaq fell 1%, and the Dow Jones lost about 70 points on Thursday, led by disappointing results from major tech companies, while investors continued to digest comments from Chair Powell, who cautioned that a December rate cut is not a foregone conclusion.
Meanwhile, the meeting between Presidents Trump and Xi concluded with the US lowering overall tariffs on Chinese imports by 10% to 47%, while Beijing pledged to work very hard to stop the flow of fentanyl and increase purchases of US soybeans. Meta tumbled over 12% after booking a $15.93 billion one-time charge related to the “One Big Beautiful Bill” Act. Microsoft shares fell more than 1.5% after the company reported that its OpenAI investment reduced quarterly earnings by $3.1 billion.
On the other hand, Alphabet added 2.6% after posting stronger-than-expected earnings, while Eli Lilly gained more than 1% after raising its full-year revenue guidance. Apple and Amazon are set to report today.
Source: Tradingeconomics.com
