SHANGHAI, CHINA – OCTOBER 30: A shop is decorated with pumpkin lanterns in Xintiandi area, creating a festive atmosphere ahead of Halloween, on October 30, 2025 in Shanghai, China.
Vcg | Visual China Group | Getty Images
As we head into Halloween, Wall Street appears to be facing a mix of tricks and treats.
Investors were spooked by some Big Tech capex plans, with all three major indexes falling Thursday. Meta stock suffered its biggest one-day loss since October 2022 as skepticism over its AI spending plans overshadowed strong results, while Microsoft lost 3%.
In contrast, Amazon shares jumped more than 13% in extended trading after it beat expectations and saw strong growth in its cloud-computing unit, and Netflix handed out treats to big and small investors alike as it announced a 10 for 1 stock split, making its shares more accessible to investors.
On the trade front, U.S. President Donald Trump and Chinese President Xi Jinping met in Busan for a summit which saw tariffs trimmed, soybeans purchases promised, and rare earth controls put in abeyance for a year, with some sketchy deal details — tricks up the sleeves of the two economic giants?
As markets assess the Fed rate stance, tech exuberance, and diplomatic theatrics, one is left wondering: is this the start of a holiday miracle, or a nightmare before Christmas?
What you need to know today
Amazon delivers for shareholders. Amazon shares jumped more than 13% in extended trading Thursday after the company posted third-quarter earnings that exceeded expectations, along with strong growth in its cloud-computing unit.
AI SPAC taps Nvidia advisors. Nasdaq-listed special purpose acquisition company Dynamix Corporation III has raised an upsized $175 million in an initial public offering. The SPAC has engaged advisors from commercial real estate firm Prologis and AI darling Nvidia in the hunt for deals.
Netflix’s 10-for-1 split. The company announced a 10-for-1 stock split Thursday, a move that could make the pricey individual shares more accessible to retail investors. Existing shareholders as of Nov. 10 will receive nine additional shares for each one they hold, and the stock will begin trading at the new price on Monday, Nov. 17.
U.S. markets dip. The S&P 500 dipped 0.99%, while the Nasdaq Composite dropped 1.57%. The Dow Jones Industrial Average traded down 0.23%. Over in Europe, the Stoxx 600 ended 0.1% lower, with most major bourses and sectors in the red.
[PRO] Sectors to watch after Trump-Xi meeting. Gold, defense and chip stocks are just some of the sectors that the pros are saying to pay attention to for investors’ portfolios after the Trump-Xi meeting in South Korea ended with a raft of agreements.
And finally…
U.S. President Donald Trump shakes hands with Chinese President Xi Jinping as they hold a bilateral meeting at Gimhae International Airport, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Busan, South Korea, October 30, 2025.
Evelyn Hockstein | Reuters
The biggest takeaways from the Trump-Xi meeting — what the truce covers and what is still unclear
President Donald Trump and President Xi Jinping reached a trade truce during a high-stakes meeting in South Korea on Thursday, de-escalating a dispute over rare earths elements that had threatened to push the world’s two largest economies into a full-blown trade war.
But this does not mean that the agreements are a comprehensive deal, cautioned Nicholas Burns, former U.S. ambassador to China during the Biden administration.
“Where we are is an uneasy truce in a long, still simmering trade war,” Burns told CNBC’s “Squawk Box” on Thursday.
— Spencer Kimball