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.

“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.”