Overview
- Major U.S. indexes closed lower, with the Nasdaq down 1.57%, the S&P 500 off 0.99%, and the Dow slipping 0.23%.
- Meta reported an 83% profit drop and its shares fell roughly 11–12%, Microsoft beat estimates but dipped about 3% on concerns tied to OpenAI-related losses, and Alphabet topped forecasts with about $100 billion in revenue and gained between 2% and 5%.
- The Federal Reserve cut rates by 25 basis points for a second straight meeting, and Chair Jerome Powell said a December cut is far from assured.
- A meeting between President Donald Trump and China’s Xi Jinping produced a reported one-year tariff reprieve of roughly 10% in exchange for Chinese steps on fentanyl precursors, rare-earth export rules, and large soybean purchases, drawing muted market reaction.
- After the closing bell, Apple rose more than 3% on stronger iPhone and overall revenue guidance and Amazon jumped about 13% following its earnings report.