Overview
- - The S&P 500 fell 1.0% to 6,822.34, the Nasdaq dropped 1.6% to 23,581.14, and the Dow slipped 0.2% to 47,522.12, retreating from recent highs.
- - The Fed cut rates by 25 bps to a 3.75%–4.00% target range as Chair Jerome Powell said another move in December is "not a foregone conclusion," with CME FedWatch odds for a December cut easing to the low-70% range.
- - Meta sank about 11% after forecasting "notably larger" 2026 capital expenses tied to AI and as reports pointed to a multi‑billion dollar bond sale, Microsoft fell roughly 3% after flagging record and rising capex, and Alphabet rose about 2.5% after beating estimates with more than $100 billion in quarterly revenue.
- - President Trump described a trade truce with Xi that includes lowering average U.S. tariffs on Chinese goods to 47% from 57% and Chinese steps on fentanyl and rare earths, though market reaction was muted.
- - Nvidia, which earlier in the week became the first company reported to reach a $5 trillion market value, slipped about 2% as investors weighed concentration risks and the timing of returns on heavy AI infrastructure spending.