Overview
- S&P 500 and Nasdaq futures rose roughly 0.6% and 1.1% after Apple guided to stronger holiday iPhone sales and Amazon projected revenue above estimates on faster cloud growth.
- Thursday’s selloff followed steep drops in Meta, down about 11% after flagging much higher 2026 capital spending, and Microsoft, down roughly 3% on elevated outlay plans, even as Alphabet advanced on stronger results.
- The Federal Reserve cut rates by 25 basis points, then signaled another move in December was not a foregone conclusion, trimming market odds for a third 2025 cut and lifting yields.
- The dollar hovered near multi‑month highs as two‑year and 10‑year Treasury yields held around 3.60% and 4.09%, reinforcing the shift in rate expectations.
- Trump’s meeting with Xi produced partial U.S. tariff rollbacks, resumed U.S. soybean purchases and rare earth export assurances, though markets treated it as a limited truce with muted price reaction; Asian trading was mixed with Japan higher and China weaker on soft PMI data.