Overview
- U.S. stocks closed down with the Nasdaq off 1.57%, the S&P 500 down about 0.92% and the Dow lower by roughly 0.2% after a volatile session.
- Meta sank about 11% after reporting an 83% profit drop that deepened concerns over planned increases in artificial-intelligence spending.
- Microsoft fell around 3% despite topping estimates as analysts flagged losses tied to its OpenAI investments, while Alphabet rose roughly 2.4% on a beat that included about $100 billion in revenue and 33% profit growth.
- The declines unfolded as the Fed delivered a second straight 25-basis-point cut but Chair Jerome Powell said another move in December is far from assured, and as markets assessed a reported U.S. move to trim China tariffs by 10% alongside Chinese commitments.
- After the closing bell, Apple shares rose more than 3% on an upbeat outlook and Amazon jumped over 13% following its quarterly report, setting the next market test.