MARKET SNAPSHOT

U.S. stocks fell on weakness in the technology sector. Treasury yields rose in the wake of the Fed's interest rate cut and Chair Powell's push back against markets expectations of another trim in December. The dollar received support from higher yields, while inflation fears kept driving up the price of gold. Oil futures edged up in rangebound trade.

MARKET WRAPS

EQUITIES

Tech shares lost ground Thursday as post-earnings downturns in Meta Platforms and Microsoft shares weighed on indexes.

The Dow Jones Industrial Average declined 0.2%, the S&P 500 fell 1%, and the Nasdaq Composite droped 1.6%.

Investors gave a thumbs down to Meta's plans to spend even more to stay in the artificial-intelligence race, sending shares sliding 11%. Yields on Meta's bonds jumped as the company finalized pricing on a $30 billion jumbo debt sale.

Earlier Thursday, markets in Asia closed mostly lower.

Mainland China stocks closed lower on possible profit-taking, despite a positive meeting between the leaders of the U.S. and China that saw some movement.

The U.S. said it would cut tariffs on Chinese goods as part of a broader framework to reduce trade tensions.

China's benchmark Shanghai Composite Index declined 0.7%, the Shenzhen Composite Index fell 1.3%, and the ChiNext Price Index dropped 1.8%.

Hong Kong's Hang Seng Index fell 0.2%.

Japan's Nikkei Stock Average closed nearly flat with an upward bias.

Stocks in Australia slipped, as the S&P/ASX 200 Benchmark Index dropped 0.5%.

New Zealand's S&P/NZX 50 Index rose 0.4%.

COMMODITIES

Oil futures eked out modest gains in rangebound trade with prospects of OPEC+ adding back more barrels in December keeping a lid on advances.

OPEC+ is widely expected to agree at the weekend to unwind another 137,000 barrels of output cuts in December.

Reports that Russia may push back against further increases as the country faces U.S. sanctions is something to consider, said Rebecca Babin of CIBC Private Wealth US.

"I see the 137,000 coming, but I'm not saying there's no chance you'll see a pause," she said.

WTI and Brent settled up 0.1% at $60.57 and $65.00 a barrel, respectively.

Front-month Comex gold for November delivery gained 0.4% to $4001.30 a troy ounce - up for a second consecutive session.

TODAY'S TOP HEADLINES

U.S.-China Truce Brings Little Peace for Businesses Caught in Superpower Standoff

After a face-to-face with Chinese leader Xi Jinping, President Trump said the meeting wasn't just nice, it was a 12 on a scale of one to 10.

But for businesses caught between the two superpowers, the ugly reality remains: The U.S. and China haven't addressed their underlying conflicts. Commerce is going to be rocky for years to come.

U.S. tariffs on Chinese goods are still historically high, even after Trump lowered them somewhat. Beijing backed off on its latest harsh export controls on rare-earth minerals vital to making products from electric vehicles to jet fighters, but an opaque licensing system continues to frustrate American manufacturers.

The ECB and Fed Are Going in Different Directions. Can It Last?

The European Central Bank held interest rates steady on Thursday, as investors question whether the institution's most aggressive easing campaign since the financial crisis is really done.

The ECB held its key interest rate at 2%, where it has been since June. The central bank cut rates by 2 percentage points in a year before hitting pause over the summer.

The decision came a day after the Federal Reserve cut rates for the second time this year. The diverging policy paths threaten to complicate the ECB's job by driving up the value of the euro, adding further pressure onto the bloc's exports and inflation.

Amazon Posts 13% Revenue Jump, Strong Cloud Sales

Amazon.com reported rising revenue and profit for the third quarter, propelled by strong retail sales as well as continued growth in its cloud-computing and artificial intelligence business.

The e-commerce giant said sales for the period rose 13%, to $180 billion. Net profit rose 39% to $21.2 billion.

Revenue from Amazon Web Services, the source of much of the company's profits, climbed 20% in the three-month period. Rivals Alphabet and Microsoft said Wednesday that their cloud-computing businesses grew 40% and 34%, respectively.

Apple Sales Surpass $100 Billion, Driven by Strong Interest in iPhone 17

Apple reported record September-quarter sales, powered by strong consumer demand for the new iPhone 17 and continued growth in its services business, which surpassed $100 billion in revenue for the year.

IPhone sales increased 6% in the period, and the company said it expects 10% to 12% growth in the December quarter, well ahead of Wall Street's expectation of 6% for the period, as iPhone users upgrade their devices. After years of sluggish growth, this is the second consecutive quarter in which iPhone revenue increased compared with the same period last year.

Total revenue came in at $102.5 billion for the quarter, about 8% higher than the year-ago period and slightly above Wall Street's expectation of $102.2 billion.

Reddit Third-Quarter Profit, Revenue Surge as Ad Business Grows

Reddit's quarterly profit surged as revenue climbed due to higher advertising demand across industries.

Chief Financial Officer Drew Vollero said Reddit's ad revenue, up 74% in the quarter, was driven by broad demand across industries including retail, finance and pharmaceutical. Of the 15 industry verticals the company tracks, 9 rose by 50% or more, he said.

The company has attracted customers from a greater number of industries, offsetting any relatively slower growth from consumer-facing or tariff-exposed companies, he said.

Core Scientific Deal With CoreWeave Terminated After Failing to Secure Shareholder Support

CoreWeave's plans to buy Core Scientific in an all-stock transaction valued at about $9 billion flopped.

Core Scientific said the merger agreement has been terminated and it will remain publicly traded after it failed to secure the shareholder votes necessary to approve the deal.

Core Scientific's shares climbed following the news, rising 1.6% to $21.17, while CoreWeave's stock fell 5.9% to $131.65.

Navan Shares Fall 20% in Biggest IPO During Shutdown

Shares in Navan fell Thursday when the software firm became the largest company to go public during the government shutdown.

Navan's shares closed down 20%, giving it a valuation of around $5 billion. The S&P 500 and the tech-heavy Nasdaq composite fell.

Navan's performance could give pause to other companies looking to stage initial public offerings during the shutdown. Medical-supply company Medline filed initial paperwork for an offering this week and could debut in a few weeks.

Expected Major Events for Friday

00:30/AUS: Sep Financial Aggregates, incl Private Sector Credit

00:30/AUS: 3Q PPI

01:00/JPN: Sep Steel Imports & Exports Statistics

01:30/CHN: Oct CFLP China Manufacturing Purchasing Managers' Index $(PMI)$

01:30/CHN: Oct CFLP China Non-Manufacturing Purchasing Managers' Index (PMI)

02:00/SIN: Sep Money Supply

02:00/SIN: Sep Bank Loans

03:00/SKA: Sep New deposit, loan rates

04:30/JPN: Sep Preliminary Report on Petroleum Statistics

05:00/JPN: Sep Housing Starts

05:00/JPN: Sep Construction Orders

05:30/AUS: Sep International Reserves & Foreign Currency Liquidity

07:00/MAL: Sep Money Supply

07:30/THA: Weekly International Reserves

08:00/TAI: 3Q Advance GDP

08:15/HK: Sep Money Supply

08:30/HK: 3Q Advance GDP

08:30/HK: Sep Retail Sales

09:59/HK: Sep Tourism figures

00:00/SKA: Oct Trade data

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(END) Dow Jones Newswires

October 30, 2025 16:53 ET (20:53 GMT)

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