December S&P 500 E-Mini futures (ESZ25) are down -0.18%, and December Nasdaq 100 E-Mini futures (NQZ25) are down -0.20% this morning as investors weigh the outcome of the highly anticipated Trump-Xi meeting, mixed Big Tech earnings, and a cautious Federal Reserve.
U.S. President Donald Trump and Chinese President Xi Jinping met in person for the first time in six years on Thursday, emerging from what Trump described as “an amazing meeting.” Mr. Trump announced that fentanyl tariffs would be lowered from 20% to 10% effective immediately. The decision was part of a broader framework to ease trade tensions, which Trump said included China’s agreement to lift restrictions on the global trade of its rare earth elements. China’s commerce ministry said it would suspend rare earth export controls for one year, while the U.S. agreed to keep reciprocal tariffs suspended for the same period. China also agreed to resume purchases of U.S. soybeans. The meeting’s outcome was broadly in line with market expectations.
