US Equity Indexes Mixed as Greer Helps Manage China Escalation While Powell's Speech Leans Dovish

05:03 PM EDT, 10/14/2025 (MT Newswires) -- US equity indexes ended mixed on Tuesday after Trade Representative Jamieson Greer helped calm China trade tensions, and Federal Reserve Chair Jerome Powell signaled the end to quantitative easing may be on the horizon.

The Nasdaq Composite dropped 0.8% to 22,521.70, and the S&P 500 fell 0.2% to 6,644.31, with both indexes ending the day off their respective session lows. The Dow Jones Industrial Average climbed 0.4% to 46,270.46, clawing back all its losses from earlier in the session.

Consumer staples, industrials, and financials led the gainers, while technology was the sole decliner.

President Donald Trump and his Chinese counterpart Xi Jinping are still scheduled to meet, Greer told CNBC, though he cautioned that those plans are subject to change depending on how the situation develops. "Whether it will go through or not, I don't want to pre-commit either ourselves or the Chinese," Greer said of the meeting.

Greer's intervention follows Treasury Secretary Scott Bessent, who on Monday injected positivity into trade negotiations with China after Trump late last week threatened to impose 100% tariffs from Nov. 1. "We think we'll be able to work through it," Greer said of the trade dispute.

Meanwhile, Powell said Tuesday the end of the central bank's efforts to shrink its holdings may be coming into view, Reuters reported late Tuesday. "We may approach that point in the coming months, and we are closely monitoring a wide range of indicators" to help know if that moment has arrived, the Fed chief added.

Powell's speech was mainly related to the Fed's balance sheet, and he failed to offer any near-term guidance about October, said CIBC's Ali Jaffery. Reading between the lines, it seems the Fed chief would favor another quarter-point cut at the next policy meeting, undeterred by the economic data fog, Jaffery said.

US Treasury yields fell, with the two-year yield down 4.3 basis points to 3.48% and the 10-year rate slid 2.3 basis points to 4.03%.

West Texas Intermediate crude oil futures slumped 1.7% to $58.42 a barrel.

Goldman Sachs (GS) shares fell 2%, among the worst performers on the Dow, after the investment bank's higher Q3 operating expenses likely overshadowed otherwise positive earnings and revenue results. JPMorgan Chase & Co. (JPM) was down 1.9%, also among the laggards on the Dow, after reporting Q3 results.

Wells Fargo (WFC) shares, however, jumped 7.1%, the top gainer on the S&P 500, after the company reported a stronger-than-expected gain in Q3 revenue and earnings.

Democrats and Republicans remain locked in a stalemate on Day 14 of the impasse, CBS News reported. Another vote is likely late Tuesday.

Gold futures were up 0.5% to $4,158.51, after touching yet another all-time high of $4,190.90 earlier in the session. Silver futures fell 0.5% to $50.16, retreating from a record.

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