Asian equities were lower as investors recalibrated the potential for no December US Fed cut as the US dollar strengthened overnight.

Chinese stocks and gold are the best hedges against a boom in the artificial intelligence trade that has pushed valuations to elevated levels, according to Bank of America Corp. strategists.

Major indexes all closed at all-time highs, with the S&P 500 ending above 6,800 for the first time ever.

Stocks notched new record closing highs to start Fed week as market participants cheered encouraging U.S.-China trade headlines. A big rally in tech stocks ahead of this week's onslaught of mega-cap earnings also helped start the week on a high note.

The biggest rally in Chinese stocks in eight years is faltering this month, and traders are watching a political gathering in Beijing this week that could deliver fresh policy measures to revive the market.

The U.S. stock market sank from its record heights on Thursday, 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% and pulled further from its all-time high set on Tuesday.

Apple's revenue and EPS exceeded estimates, but iPhone revenue and China sales missed expectations. Tim Cook talked AI and more in an earnings call.

US President Donald Trump has offered to eliminate all fentanyl-related tariffs on Chinese goods if Beijing cracks down on the export of fentanyl and its precursor chemicals. The announcement came a day after Trump cut tariffs in half,