05:08 PM EDT, 10/30/2025 (MT Newswires) -- The Nasdaq Composite fell Thursday after notching four successive closing highs, as a selloff in technology heavyweights such as Meta Platforms ( META ) Microsoft ( MSFT ) dented sentiment on Wall Street.

The Nasdaq shed 1.6% to 23,581.1. The S&P 500 dropped 1% to 6,822.3, while the Dow Jones Industrial Average edged down 0.2% to 47,522.1.

Most sectors ended in the red, led by consumer discretionary, with tech down 1.4%. Real estate saw the biggest gain.

In company news, Meta shares tumbled 11%, among the steepest declines on the S&P 500.

Late Wednesday, the Facebook and WhatsApp parent updated its annual expense guidance and said it incurred a nearly $16 billion tax charge in the third quarter. UBS Securities on Thursday scaled back its 2025 earnings expectations for the technology giant.

Microsoft ( MSFT ) fell 2.9%. The technology giant late Wednesday logged stronger-than-expected fiscal first-quarter results. There were reports of outages in the company's Azure cloud computing and 365 services Wednesday.

Shares of Amazon.com (AMZN) and Nvidia (NVDA) also closed lower on Thursday.

C.H. Robinson Worldwide's ( CHRW ) stock surged nearly 20%, the best performer on the S&P 500. The company late Wednesday delivered a quarterly adjusted earnings beat and announced a $2 billion share repurchase program.

Fox's (FOX, FOXA) class A and B shares were up 7.7% and 8.2%, respectively, among the top gainers on the S&P 500, as increased advertising demand helped propel the company's fiscal first-quarter results above Wall Street's estimates.

US Treasury yields were mostly higher intraday, with the 10-year rate up 2.1 basis points at 4.1% and the two-year rate gaining one basis point to 3.61%.

US President Donald Trump reportedly said he would lower tariffs on China to 47% from 57% after concluding trade talks with his Chinese counterpart, Xi Jinping, in South Korea.

"We agreed on many things, with others, even of high importance, being very close to resolved," Trump said in a social media post. "China has agreed to continue the flow of rare earth, critical minerals, magnets, etc., openly and freely."

"Progress in US-China trade talks today marks an undeniably positive step toward temporarily stabilizing a structurally fractious relationship, even as key flashpoints across the four 'Ts' -- Taiwan status, transshipments, TikTok, and technology (chips) -- remain unresolved," Oxford Economics said. "The detente is fragile given the high risk of policy missteps and mutual misreadings."

West Texas Intermediate crude oil was down 0.4% at $60.24 a barrel in Thursday late-afternoon trade.

A US federal government shutdown entered its 30th day Thursday. Senators returned to Capitol Hill to resume discussions to potentially end the shutdown, though voting on a House-passed continuing resolution to end the stoppage wasn't scheduled, CBS News reported.

Gold was 0.9% higher at $4,035.90 per troy ounce, while silver rose 1.7% to $48.72 per ounce.