Trump leaves meeting with China promising a tariff lowering and some near-term stability in the relationship

October 30, 2025

Breaking News

President Trump announced Thursday that the US would halve its fentanyl-related tariffs on Chinese goods as part of a reset in relations that includes China stepping back from its promise to restrict rare earth mineral exports for a year.

Other parts of the limited agreement Trump outlined after a summit with Chinese President Xi Jinping in South Korea include increased purchases of US soybeans, more actions from China on the issue of fentanyl, the suspension of some shipping fees, and a visit by Trump to China now penciled in for next April.

Trump promised additional details were in the offing and told reporters Thursday that it had been a highly productive meeting and that a formal deal would be signed "pretty soon."

The terms outlined are likely to provide markets with a measure of stability in the relationship between the world's two largest economies, at least into next year. Yahoo Finance reports.

EdgeUp

🌮 Chipotle stock plummets after company cuts sales forecast for third quarter in a row

Chipotle on Wednesday cut its full-year sales outlook for the third straight quarter as the company continues to deal with a traffic decline and economic pressure on its core customer.

The company said in its third quarter earnings release it now expects same-store sales to decline in the low-single-digit range this year.

Wall Street expected the company's same-store sales to decline 0.7% this year, which was below Chipotle's forecast in July for sales to be flat, but remained a more conservative drop-off than what the company told investors.

Chipotle stock plummeted more than 18% on Thursday in premarket trading following the news.

As of Wednesday's close, the stock had lost more than 35% this year. Yahoo Finance reports.

🤖 Meta, Microsoft test investors’ patience with AI spending spree

The largest technology companies are betting on an AI future powered by gigantic complexes of data centers filled with humming servers.

Now that the staggering cost of this push is coming into sharper focus, it’s testing nerves on Wall Street.

Three bellwethers from different corners of the technology world – Alphabet Inc., Meta Platforms Inc. and Microsoft Corp. – together racked up some $78 billion in capital expenditures last quarter. That’s up 89% from a year earlier.

Most of that cash was destined for data center construction and graphics processing units and other gear to fill them.

Each increased their forecasts for future outlays. That was enough to rattle investors conditioned to expect enormous spending. Yahoo Finance reports.

💊 Metsera shares rise as Novo Offers $6.5 Billion to Challenge Pfizer

Danish drugmaker Novo Nordisk A/S offered to acquire obesity startup Metsera Inc. for at least $6.5 billion, seeking to trump an agreed deal with Pfizer Inc. so it can consolidate its position in weight-loss medications.

Novo Nordisk submitted an unsolicited proposal to acquire Metsera for $56.50 per share in cash upfront, it said in a statement Thursday, confirming an earlier Bloomberg News report. The purchase price may increase by as much as $21.25 per share, or $2.5 billion, if certain targets are met. MSN reports.

🤖 OpenAI lays groundwork for juggernaut IPO at up to $1 trillion valuation

OpenAI is laying the groundwork for an initial public offering that could value the company at up to $1 trillion, three people familiar with the matter said, in what could be one of the biggest IPOs of all time.

OpenAI is considering filing with securities regulators as soon as the second half of 2026, some of the people said.

In preliminary discussions, the company has looked at raising $60 billion at the low end and likely more, the people said.

They cautioned that talks are early and plans - including the figures and timing – could change depending on business growth and market conditions. Reuters reports.

👩‍🔬 Eli Lilly raises forecasts on surging demand for weight-loss drugs - shares up 7% in premarket

Eli Lilly raised its full-year profit and revenue forecasts on Thursday as strong appetite for its widely popular weight-loss and diabetes drugs Zepbound and Mounjaro helped it blow past third-quarter earnings estimates.

Shares of the company, the world's largest healthcare firm by market capitalization, jumped 7% in premarket trading.

Investors were keenly awaiting latest results from the drugmaker amid sky-high expectations for its GLP-1 portfolio and growing concern over potential U.S. price negotiations. Reuters reports.

🤖 Nvidia stock slips despite massive spending on AI

Nvidia was edging down early on Thursday after closing at a market valuation of more than $5 trillion the previous day.

Disappointment that the company still isn’t allowed to resume sales in China could be overshadowing huge spending on artificial-intelligence by major technology companies.

Nvidia shares were down 0.8% at $205.45 in premarket trading.

That would put only a small dent in 14% gains over the past five trading days as the chip maker has been buoyed by AI optimism.

Investors were hoping that President Donald Trump might give the stock another boost by announcing that Nvidia and other US chip makers would be able to resume selling hardware to China after his meeting with Chinese leader Xi Jinping. Barrons reports.

Top 5 Movers in Early Pre-Market

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) CMBM: Cambium Networks
Total gain: +133.89%

2) ARBB: ARB IOT Group
Total gain: +28.33%

3) GH: Guardant Health
Total gain: +27.39%

4) TECX: Tectonic Therapeutic
Total gain: +22.98%

5) GKOS: Glaukos
Total gain: +21.28%

Yesterday’s Biggest Movers

The closing price of the top three market percent gainers trading near or above $3 on October 29.
Stock Analysis reports.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) PUMP: ProPetro Holding Corp.
Total gain: +52.05%
The company announced earlier this week, we secured a long-term contract to commit approximately 60 megawatts to support a hyperscaler’s data center in the Midwest region of the United States, marking our entry into the data center power market. Businesswire reports.

2) MCTA: Charming Medical Limited
Total gain: +34.69%
The company announced, in connection with its previously announced initial public offering (the "Offering") of 1,600,000 Class A ordinary shares, par value $0.0001 per share (the "Class A Ordinary Shares") at a price of $4.00 per share (the "Public Offering Price"), Cathay Securities, Inc., the representative of the underwriters (the "Representative") of the Offering, has exercised its over-allotment option (the "Over-allotment") in full to purchase an additional 240,000 Class A Ordinary Shares at the Public Offering Price, and the closing of such issuance. PR Newswire reports.

3) NPT: Texxon Holding Limited
Total gain: +33.89%
The company announced that the underwriters of its initial public offering ("Offering") have exercised in full their option to purchase an additional 285,000 ordinary shares at a public offering price of $5.00 per share to cover over-allotments. Globe Newswire reports.

Today’s Notable Earnings

*Estimate and Actual numbers represent Earnings Per Share in US Dollars

TTE: TotalEnergies
Q3 2025
Before Market Open
Estimate: 1.800
Actual: 1.770

ING: ING Groep
Q3 2025
Before Market Open
Estimate: 0.640
Actual: 0.702

TAK: Takeda Pharmaceutical
Q3 2025
Before Market Open
Estimate: 0.440
Actual: 0.430

Today’s Economic Dates

Time (ET)/ Report/ Period

8:30 AM - *Initial jobless claims - Oct. 25
8:30 AM - *GDP - Q3
8:30 AM - Fed Vice Chair for Supervision Michelle Bowman speaks - N/A

Parting Thoughts

“The four most dangerous words in investing are: ‘This time it’s different.’”

– Sir John Templeton

Sourced in: Famous Investment Quotes by Forbes.

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