4:15pm: Apple, Amazon due up
US stocks finished lower on Thursday, with tech shares leading the retreat as investors digested the implications of the US-China trade truce.
The Nasdaq saw the steepest drop, sliding 377 points, or 1.6%, to 23,581. The Dow Jones slipped 110 points, or 0.2%, to 47,522, while the S&P 500 fell 68 points, or 1%, closing at 6,822. The Russell 2000 ended down 18 points, or 0.7%, at 2,467.
Wall Street is weighing the trade developments between Presidents Trump and Xi, which have dampened expectations for another interest rate cut. Investors also navigated a mixed batch of earnings from the "Magnificent Seven" tech giants, setting the stage for Apple and Amazon’s quarterly results after the bell.
3:45pm: Proactive news headlines
- Nevis Brands (CSE:NEVI, OTCQB:NEVIF) expanded its Major cannabis beverage line into New Mexico, marking further growth in the US adult-use cannabis market.
- BioHarvest Sciences Inc. (NASDAQ:BHST) entered a strategic CDMO agreement with Saffron Tech to develop and commercialize saffron-based compounds using its Botanical Synthesis platform.
- Chariot Ltd (AIM:CHAR, OTC:OIGLF) signed an MoU with ACWA Power to explore creating a southern African sustainable energy business focused on renewables, battery storage, and gas-to-power projects.
- Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) posted a 20% quarter-over-quarter revenue increase to $390,755, driven by strong event technology sales and higher-margin AI-powered operations.
- Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) completed its final payment of about US$920,000 to secure full ownership of the El Rosario concessions at its Cerro Caliche gold project in Mexico.
3:15pm: Market movers
- Agnico Eagle Mines Ltd (TSX:AEM) shares rose after the miner’s third-quarter earnings beat expectations, driven by strong gold production and higher prices.
- Core Scientific Inc terminated its planned $9 billion merger with CoreWeave after shareholders rejected the all-stock acquisition.
- Roblox Corp (NYSE:RBLX) shares dropped about 10% as higher costs overshadowed strong revenue growth and better-than-expected earnings in the third quarter.
- eBay Inc (NASDAQ:EBAY) shares slid more than 13% after beating third-quarter estimates but issuing a weaker-than-expected profit forecast for the fourth quarter.
- Chipotle Mexican Grill Inc (NYSE:CMG) shares plunged about 17% after disappointing third-quarter results and a cut to its full-year guidance.
- Eli Lilly and Co (NYSE:LLY) beat Wall Street expectations with a 54% year-over-year revenue jump, fueled by strong demand for its weight-loss and diabetes drugs.
- Carvana Co. (NYSE:CVNA) shares fell nearly 14% after third-quarter earnings missed estimates despite record revenue and strong retail sales growth.
2:20pm: Amazon on solid footing
Amazon.com Inc (NASDAQ:AMZN) is set to report solid third quarter results led by continued retail strength and improving sentiment around its cloud business, according to Bank of America analysts.
The firm estimates revenue of $179 billion and operating income of $20.4 billion, both above consensus forecasts of $178 billion and $19.7 billion, respectively.
Amazon Web Services revenue is projected to grow 17.7% year over year to $32.3 billion, roughly in line with Street expectations.
For the fourth quarter, the firm anticipates revenue guidance of $202 billion to $209 billion and operating income of $18 billion to $22 billion, both slightly below consensus midpoints.
1:35pm: Apple 'compelling'
Wedbush analysts view Apple Inc (NASDAQ:AAPL, ETR:APC) as a “compelling” large cap tech stock to own into year-end and 2026, believing no "AI premium" is factored into the company’s current stock price.
The analysts believe the “AI monetization piece could add $75 to $100 per share to the Apple story over the coming few years.”
They stated that Apple could surpass the Wall Street consensus revenue estimate of about $102 billion for its fourth quarter given the strength of the iPhone 17 cycle, while also expecting the company to beat expectations on results from its Services segment.
The Wedbush equity research team expects Apple’s financial results to reflect a rebound in iPhone sales across the US and China.
12:45pm: Nasdaq still lower
The Nasdaq continued to be underwater by midday Thursday, after disappointing results from Meta and Microsoft sunk the index.
Just after the midway point of trading, the Nasdaq was down around 0.9%, while the S&P 500 was trading 0.4% lower.
The Dow continued to have a good day, up 0.4% after more clarity emerged from Trump-Xi talks.
11:35am: No more cuts under Powell
Yesterday the Fed lowered its benchmark rate to 3.75–4.0%, but Chair Powell cautioned that a December cut is not guaranteed and a pause remains possible if economic data hold up.
"We remain comfortable with our view that the Fed will not cut rates again under Chair Powell," Bank of America analysts wrote. "But it's clear that, barring a clear signal in either direction from the data, the December decision will be even more contentious than October."
10:45am: Mixed reactions to Meta, MSFT, GOOG
Let's have a look at some reactions to last night's Big Tech earnings, here from Bank of America analysts.
On Microsoft: "Our takeaway is that even with a supply chain constraints, Azure's growth rate is comfortably in the high 30s. With the new OAI deal coming online as early as Q2FY26 and easing supply chain constraints into FY27, we see pathways to Azure growth reacceleration."
On Meta: "We expect Meta stock to be controversial given a limited EPS growth outlook and y/y FCF pressure in 2026. However, we see Meta in a position of strength with massive user network and opportunity to integration compelling AI products (including content creation tools) over the next two years.
"We believe the bad news on expenses is now mostly "in" the stock, while product catalysts, including a new LLM and content creation tools, can drive upside engagement and revenue in 2026."
On Alphabet: "We believe results will reinforce the view that: 1) Google is well positioned for AI with a leading LLM, proprietary TPU technology and massive user base, and 2) there can be multiple beneficiaries from growing AI capabilities. Also, early-stage bets like Waymo and quantum computing offer meaningful long-term optionality, not reflected in valuation.
10:00am: Nasdaq in the red
US stocks opened mixed on Thursday, with the Dow Jones climbing 0.4% while the S&P 500 slipped 0.2% and the Nasdaq fell 0.6%, as Wall Street digested a flurry of news from the Federal Reserve, fresh trade developments with China, and another round of major earnings.
The tech-heavy Nasdaq was weighed down by two major heavyweights that reported last night. While Alphabet rallied on strong quarterly results, Meta tumbled as much as 12% and Microsoft dipped after investors parsed their guidance.
Investors were weighing the implications of a US-China trade truce struck overnight between Presidents Trump and Xi, which delivered a 12-month pause in new tariffs and trade curbs but little in the way of lasting resolution. The deal, coupled with Fed Chair Jerome Powell’s warning that a December rate cut is “not a foregone conclusion,” cooled expectations for more policy easing.
This morning, Eli Lilly shares jumped after the drugmaker raised its sales outlook, while Chipotle slumped and Starbucks gained on better-than-expected same-store sales.
All eyes now turn to Apple and Amazon, set to report after the bell, in what could be a make-or-break moment for the “Magnificent Seven.”
8:30am: Futures in the red
US stock futures were slightly in the red ahead of Thursday's open after the Federal Reserve dampened expectations of further interest rate cuts in the coming months, and despite the successful meeting between Donald Trump and Xi Jinping in the early hours.
Dow Jones futures were down 0.3%, with both S&P 500 and Nasdaq 100 futures just below flat.
Alphabet shares were up 7.5% in premarket trading on the back of earnings released after the previous day's close, while Microsoft shares were down 2.5% and Meta Platforms plunged 9.15% after their quarterly numbers did not go down as well.
Nvida shares were down 0.75% after Trump's talk with his Chinese counterpart earlier did not cover the company's most advanced Blackwell AI chips.
After the top-level meeting in South Korea, Trump told reporters aboard Air Force One that semiconductors had been discussed and China was "going to be talking to Nvidia and others about taking chips", according to Reuters.
But he added: "We're not talking about the Blackwell."
However, President Xi said a "consensus" had been reached on trade issues, the US agreeing to reduce tariffs on China, which has agreed to resume buying US soybeans.
China’s commerce ministry said the consensus included the US removing the 10% fentanyl tariff on Chinese goods, suspending the 24% additional tariff for another year, and suspending its investigations into harmful trade practices, with China adjusting its countermeasures "accordingly".
The ministry said the two sides also agreed to work together on fentanyl control, expanding agricultural trade and resolving issues related to TikTok.
Treasury Secretary Scott Bessent, a soybean farmer himself, said China had agreed to buy 12 million metric tons of soybeans this year, and a minimum of 25 million tons annually for the next three years.
"The Kuala Lumpur agreement was finished in the middle of the night last night, so I expect we will exchange signatures possibly as soon as next week," Bessent told Fox.