Stocks fell Thursday despite better-than-expected earnings from Facebook and Apple and the Federal Reserve's third rate cut of 2019. Investors took a pause and turned their focus to U.S.-China trade negotiations.

The Dow Jones Industrial Average closed 140.46 points lower, or 0.5% at 27,046.23. The S&P 500 slid 0.3% to 3,037.56, pulling back from a record set in the previous session. The Nasdaq Composite fell 0.1% to 8,292.36.

The major averages posted solid gains for October despite Thursday's losses. The Dow and S&P 500 gained 0.3% and 0.5%, respectively, for the month. The Nasdaq ended October up 0.6%.

Bloomberg News reported Thursday, citing unnamed sources, that Chinese officials have been casting doubt over the possibility of a long-term trade deal with the U.S. The report added Chinese officials are concerned about President Donald Trump's "impulsive nature" and the risk of him backing out of any kind of deal.

"Whenever you see a lowering of trade-deal expectations, it's going to upset markets," said Jeff Kilburg, CEO of KKM Financial. "Here we are at new all-time highs, so the sensitivity to any type of headwind in the U.S.-China trade tariff negotiations is going to be an overreaction."

Trade bellwether Caterpillar dropped 1.8% while Micron Technology slid 0.9%.

Investors had been feeling optimistic about U.S.-China trade recently as both sides pointed to progress on a "phase one" accord being signed in November. China and the U.S. have been in a trade war since last year, slapping tariffs on billions of dollars worth of their goods.

Trump tried to assuage concerns before Thursday's open, saying in a tweet: "China and the USA are working on selecting a new site for signing of Phase One of Trade Agreement, about 60% of total deal, after APEC in Chile was canceled do to unrelated circumstances. The new location will be announced soon. President Xi and President Trump will do signing!"

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The major indexes also fell after the Chicago Business Barometer dropped to 43.2 in October. That mark's the barometer's lowest reading since 2015 and its second straight monthly decline. A reading below 50 indicates contraction.