U.S. stocks trade mixed as big-tech earnings diverge and U.S.–China talks stir caution

U.S. equity markets showed a mixed tone with the S&P 500 slipping 0.4% and the Nasdaq Composite down 0.9%, while the Dow Jones Industrial Average gained 0.3%. Analyst attention centred on divergent results among major tech firms: Meta Platforms Inc. declined over 10% amid concerns about rising capital-expenditure, whereas Alphabet Inc. rose 3.5% after beating revenue estimates. Meanwhile, renewed U.S.–China trade talk optimism was tempered by investor caution over near-term policy clarity.