Dow Jones Industrial Average falls 140 points
The Dow fell 140.46 points, or 0.52% to close at 27,046.23. The S&P 500 slid 0.30% to end the day at 3,037.57. The Nasdaq Composite pulled back 0.14% to 8,292.36. Strong earnings from tech giants Facebook and Apple and a Federal Reserve rate cut were not enough to offset concerns around U.S.-China trade talks.
Report says China worried about Trump's 'impulsive nature'
A report from Bloomberg News said Chinese officials have been casting doubt about the possibility of a long-term U.S.-China trade deal being struck. The report, which cites unnamed sources, said Chinese officials are concerned about President Donald Trump's "impulsive nature" and the risk of him pulling out of any kind of deal. The report, coupled with a weak reading on the Chicago Business Barometer, pressured the major indexes on Thursday, the last day of October. Trade has been pushed back to the market forefront now that the Fed seems to be on hold for the near future while the corporate earnings season is two-thirds of the way done.
Apple and Facebook rise on earnings, WWE drops
Tech giants Apple and Facebook rose 2.26% and 1.81%, respectively, after both companies posted quarterly earnings that topped analyst expectations. World Wrestling Entertainment, on the other hand, dropped 15.65% after issuing disappointing income guidance for the final quarter of 2019.
What happens next?
The monthly jobs report will take center stage on Friday as investors kick off November. Economists polled by Dow Jones expect the Labor Department to report jobs growth of 75,000 for October. Chevron and Exxon Mobil are also scheduled to report quarterly numbers on Friday. Read more here.