The Globe and Mail reports in its Friday edition that the U.S. stock market fell on Thursday, with the S&P 500 down 1 per cent, the Dow Jones slipping 109 points, and the Nasdaq dropping 1.6 per cent from its recent high. Dispatches from Reuters and the Associated Press report that global stock markets were mixed amid various developments, including the U.S.-China trade war and Big Tech profits. President Donald Trump described his meeting with China's Xi Jinping as a "12" on a scale of zero to 10, announcing plans to cut tariffs on China. While the talks may provide short-term stability, tensions between the two countries persist. Plus, stocks had already run to records earlier this week on expectations for potentially big improvements coming out of the Trump-Xi talks. Wall Street's influential stocks faced high expectations, with Meta dropping 11.3 per cent over concerns about its 2026 spending plans. Microsoft fell 2.9 per cent despite posting better-than-expected profit and revenue. Alphabet's shares rose 2.5 per cent after its latest quarter's profit and revenue beat analysts' expectations. Apple gave a forecast for holiday quarter iPhone sales and overall revenue that beat Wall Street expectations.