The S&P 500 dips as Meta and Microsoft weigh on tech stocks, while the Dow rises amid investor shift: Live updates.

US stock market news: Meta stock drop 0.5%. The Nasdaq Composite fell 1.1% In discrepancy, the Dow Jones Industrial Average was one of the most successful pars, rising 259 points, which is about 0.6 percent.

The Big Picture

The big tech names largely set the tone for stocks on Thursday. Alphabet shares gained about 5% on the back of a beat on both top and bottom lines. Microsoft shares dropped about 12% and Microsoft tumbled about 2%, both on the back of mixed quarterly results.

The meeting between Trump and Xi ended on a positive note as the two agreed to several trade-related items. Trump agreed to lower tariffs on Chinese imports of the opioid fentanyl to 10%. Stock market rotation will lower the overall tariff rate on Chinese goods to 47% from 57%.

China agreed to crack down on fentanyl shipments to the U.S. and to buy more American agricultural products such as soybeans. Some other issues between the two countries, such as Nvidia’s chip exports to China and the TikTok divestiture question, were left to future negotiations. China’s Ministry of Commerce said in a statement that it was “ready to maintain communication with the U.S. to properly resolve the issues.”

Thursday’s moves in stocks came after a mixed session on Wall Street Wednesday. The Dow Jones briefly traded to a record high intraday level before falling to end the session in negative territory. The S&P 500 closed flat. The Nasdaq rose nearly 0.6% to close at both an intraday and closing record.

What to Look For

Investors will look to whether Big Tech’s pullback will continue as more companies report earnings this week. Many investors are also waiting to see if tech stocks decline out of growth names and into the more defensive and value sectors of the market, such as bank stocks and healthcare, will continue into November.