12:35 PM EDT, 10/30/2025 (MT Newswires) -- US equity indexes traded mixed as declines in Microsoft ( MSFT ) and Meta Platforms ( META ) , as well as complications in the Federal Reserve's easing path, pushed technology and communication services to the bottom of sector charts.

The Nasdaq Composite dropped 0.8% to 23,772.7, and the S&P 500 fell 0.3% to 6,871.9. The Dow Jones Industrial Average, however, bucked the intraday trend, climbing 0.5% to 47,865.7. The consumer discretionary sector was among the steepest decliners intraday. Financials and utilities led the gainers.

Meta Platforms ( META ) is ramping up spending on artificial intelligence initiatives despite uncertain revenue prospects, sparking investor concerns as expenses and capital costs climb "significantly faster" than expected, Oppenheimer said in a note. The brokerage downgraded Meta's stock to perform from outperform. Meta shares plunged 12% intraday, the worst performer on the Nasdaq.

Microsoft ( MSFT ) shares dropped 3% intraday, among the laggards on the Dow, following the company's quarterly results. Raymond James adjusted its price target on the company's shares to $600 from $630 while maintaining its outperform rating.

On Wednesday, the Fed cut interest rates by 25 basis points, marking a second consecutive quarter-percentage-point cut as it reiterated concerns regarding the labor market. Fed Chair Jerome Powell said a rate cut in December cannot be taken for granted.

"In the committee's discussions at this meeting, there were strongly differing views about how to proceed in December," he said. "A further reduction in the policy rate at the December meeting is not a forgone conclusion -- far from it."

Most Treasury yields rose, with the 10-year yield up 2.3 basis points to 4.08% and the two-year rate advanced 1.8 basis points to 3.60%.

On the trade front, President Donald Trump reportedly said he has agreed to lower tariffs on China to 47% from 57% after concluding trade talks with Chinese President Xi Jinping in South Korea. Trump said the US reached a one-year trade agreement with China that will be routinely extended, multiple news outlets reported. China agreed to resume purchases of US soybeans, keep rare earths exports flowing, and crack down on the illicit trade of fentanyl, Reuters reported.