NEW YORK — The U.S. stock market sank from record heights as Wall Street sifted through mixed developments on everything from the U.S.-China trade war to profits for Big Tech behemoths.

The S&P 500 fell 1% Thursday and edged further from its all-time high set on Tuesday. The Dow Jones Industrial Average slipped 0.2%, and the Nasdaq composite dropped 1.6% from its record set the day before. President Donald Trump hailed his much-anticipated talk with China’s leader, Xi Jinping, but major tensions remain between the world’s two largest economies. On Wall Street, Meta Platforms and Microsoft sank, while Alphabet climbed following its profit report.

Stock markets elsewhere in the world were mixed, coming off a much anticipated meeting between the leaders of the world’s two largest economies.

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