The US stock market sank from record heights Thursday as Wall Street sifted through mixed developments on everything from the US-China trade war to profits for Big Tech behemoths.
- The S&P 500 fell 68.25 points, or 1%, to 6,822.34 and edged further from its all-time high set on Tuesday.
- The Dow Jones Industrial Average fell 109.88 points, or 0.2%, to 47,522.12.
- The Nasdaq composite fell 377.33 points, or 1.6%, to 23,581.14 .
Presiden Trump hailed his
talk with China's leader, Xi Jinping, as a "12" on a scale of zero to 10, and Trump said he would cut tariffs on China. But while the talks may offer some stability for the near term, major tensions remain between the two countries, the
AP reports. "The result was fine, but fine isn't good enough given the expectations going in," said Brian Jacobsen, chief economist at Annex Wealth Management. "The results were more like small gestures instead of a grand bargain."
Also feeling the burden of high expectations were some of Wall Street's most influential stocks. Meta Platforms dropped 11.3% and was the heaviest weight on the S&P 500. Analysts said investors were likely perturbed by how much Facebook's parent company said it's planning to spend in 2026. Companies across the industry have been on an investment spree to build out their artificial-intelligence capabilities, and the concern is whether it will all pay off.
Microsoft sank 2.9% even though it reported stronger profit and revenue for the latest quarter than analysts expected. Analysts pointed to how it also expects to spend more on investments in 2026 than in 2025, while growth for its Azure business may have fallen a bit short of some investors' expectations. On the winning side of Big Tech was Alphabet. Shares of Google's parent company climbed 2.5% after its profit and revenue for the latest quarter easily topped analysts' expectations.
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- Elsewhere on Wall Street, Chipotle Mexican Grill tumbled 18.2% after the restaurant chain pointed to pressures weighing on its customers, particularly younger ones and those who aren't making high incomes. CEO Scott Boatwright said that households making less than $100,000 are dining out less often because of concerns about the economy and inflation. He pointed specifically to 25- to 35-year-old customers, who are feeling the weight of unemployment, increased student loan repayments, and slower growth with respect to inflation.
- Eli Lilly, meanwhile, rose 3.8% after delivering stronger profit and revenue for the latest quarter than analysts expected. It credited strong growth for its blockbuster Mounjaro and Zepbound drugs for diabetes and obesity, and it raised its full-year forecasts for revenue and profit.
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