U.S. stocks retreat as Big Tech earnings disappoint and trade tensions linger

U.S. equity markets pulled back from recent highs as investors weighed mixed earnings from major technology companies and muted outcomes from U.S.–China trade talks. The S&P 500 fell 0.7 %, while the Nasdaq Composite declined 1.2 % amid heavy losses in mega-cap tech names. Meta Platforms Inc. plunged over 11 % on concerns about spending, whereas Alphabet Inc. rose after beating revenue forecasts. The cautious tone was amplified by signals that further U.S. rate cuts may not be assured.