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Informist, Friday, Oct. 31, 2025                                      Tel +91 (22) 6985-4000

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Equity Alert: US mkt ends down Thu; tech stocks fall on AI spend worries

 

MUMBAI--0800 IST--The US stock market closed slightly lower Thursday, dragged down by losses in heavyweight information technology stocks amid concerns about spending on artificial intelligence projects. Investors are also keeping a close watch on the ongoing earnings season and lack of data from the US government due to its shudown. However, worries related to trade and tariffs eased after US President Donald Trump signed a one-year trade truce with his Chinese counterpart Xi Jinping in South Korea Thursday. 

 

Effective immediately, Trump agreed to cut tariffs on China tied to fentanyl by 10%, reducing levies on Chinese imports to the US to around 47%. China agreed for a one-year pause on the rare earth magnets export controls it had announced earlier this month, CNBC-TV18 reported. 

 

"We're in this period where the government is shut down... so we really have to look at these earnings and see how are companies faring, how are their consumers faring," Courtney Garcia, senior wealth advisor at Payne Capital Management, told CNBC-TV18 Thursday. "The fact that we're continuing to see this all come out positive, I think this is a generally good sign for the economy moving forward."

 

The three benchmark US indices – Dow Jones Industrial Average, S&P 500, and Nasdaq Composite – closed lower by 0.2-1.6%. These indices had hit record highs Wednesday. Major IT stocks such as Meta, Microsoft, and Nvidia fell 2-11% amid concerns about spending on AI. On the other hand, shares of Apple rose more than 3?ter the company reported strong earnings for the latest quarter. Netflix rose over 3?ter it announed a stock split of 10 shares for each share. 

 

Following are the closing levels of US indices Thursday:

 

Index	Level	Change in %
S&P 500	6822.34	(-)0.99
NASDAQ Composite	23581.144	(-)1.57
Dow Jones Industrial Average	47522.12	(-)0.23

 

(Anjana Therese Antony)

 

End

 

US$1 = INR 88.69

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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