04:08 PM EDT, 10/30/2025 (MT Newswires) -- US equity indexes closed lower on Thursday following a dip in Meta (META) and Microsoft ( MSFT ) stocks, and remarks by Federal Reserve Chair Jerome Powell.

* President Donald Trump said the US has reached a one-year trade deal with China, which is expected to be extended, after talks with Chinese President Xi Jinping in South Korea, according to multiple reports. Trump reportedly agreed to reduce tariffs on Chinese goods to 47% from 57%. In return, China will resume purchases of US soybeans, continue rare earths exports, and take steps to curb illegal fentanyl trade, Reuters reported.

* The Federal Reserve cut interest rates by 25 basis points on Wednesday, delivering a second straight quarter-point reduction as it flagged ongoing concerns about the labor market. Powell said another cut in December is "not a foregone conclusion," noting policymakers held sharply divided views.

* December West Texas Intermediate crude oil fell $0.16 to settle at $60.32 per barrel, while December Brent crude, the global benchmark, was last seen up $0.15 to $64.77.

* C.H. Robinson Worldwide ( CHRW ) shares rose roughly 20%, leading gains on the S&P 500, after the company posted better-than-expected quarterly adjusted earnings and launched a $2 billion stock buyback plan.

* Meta Platforms' ( META ) shares fell nearly 11%, ranking among the sharpest losses on the S&P 500 and Nasdaq, after the company reported a one-time tax charge of $15.93 billion in its latest quarterly earnings late Wednesday.