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Oct 30, 2025 4:00 PM

Trump And Xi Found A Trade Truce—But Wall Street Wanted More

Markets barely flinched after President Donald Trump's high-profile meeting with Chinese leader Xi Jinping in South Korea, as investors found little substance in the much-hyped U.S.-China trade truce that largely echoed prior leaks and delivered few surprises.

A cocktail of mixed earnings, hawkish remarks from Fed Chair Jerome Powell, and a less-than-exceptional Trump-Xi meeting dragged tech and global markets lower on Thursday.

The Invesco QQQ Trust (NASDAQ:QQQ) dropped 1%, led by a sharp 10% plunge in Meta Platforms Inc. (NASDAQ:META) after the company revealed a surprise surge in AI-related capital spending.

China-exposed stocks weren't spared either. The Invesco China Technology ETF (NYSE:CQQQ) fell 1.9%, while the iShares China Large-Cap ETF (NYSE:FXI) slipped 1.7%, as investors questioned the real impact of the U.S.-China trade truce.

Chinese tech ADRs trading in New York were all in the red, with Alibaba Group Holding Ltd. (NYSE:BABA) falling 2.77%, PDD Holdings Inc. (NASDAQ:PDD) down 1.34%, JD.com Inc. (NASDAQ:JD) sliding 2.43%, Baidu Inc. (NYSE:BIDU) losing 3.71% and Li Auto Inc. ...