U.S. Stocks Close Mixed on Tuesday After Trade Talks with China
(MENAFN) The New York Stock Exchange closed Tuesday with mixed results following the third round of trade negotiations between the world’s two largest economies in Sweden. US President Donald Trump indicated he would receive a briefing on the discussions on Wednesday.
The Dow Jones Industrial Average declined by 0.46%, shedding 204.57 points to finish at 44,632.99.
The Nasdaq Composite dropped 0.38%, or 80.29 points, closing at 21,098.29, while the S&P 500 slipped 0.3%, losing 18.91 points to end at 6,370.86.
Despite the market dips, Trump described the trade talks as constructive. He anticipates a meeting with Chinese President Xi Jinping later this year.
Speaking on Air Force One, Trump highlighted US Treasury Secretary Scott Bessent's two-day discussions in Sweden with Chinese Vice Premier He Lifeng, stating Bessent "had a very good meeting with China."
"They are going to brief me tomorrow. We'll either approve it or not," Trump said. He added that Bessent "felt very good about the meeting, better than he felt yesterday."
Trump reiterated his plan to meet Xi soon, noting the Chinese leader "wants to meet."
"And I look forward to the meeting too, but I would say before the end of the year," he said, returning from a trip to Scotland.
Separately, Bessent told media that any decision on extending the current tariff pause between the US and China hinges on Trump's approval.
Trump “has final say on all the trade deals” and the potential tariff truce, Bessent explained.
On the economic front, investors await the Federal Reserve's interest rate announcement scheduled for Wednesday. The consensus anticipates the Fed will maintain its benchmark rate within the current 4.25% to 4.5% range.
Meanwhile, the Conference Board reported that the US Consumer Confidence Index climbed 2 points to 97.2 in July, surpassing forecasts.
Data from the Job Openings and Labor Turnover Survey (JOLTS) showed 7.437 million job openings in June, falling short of expectations.
Market anxiety increased as the VIX Index, often called the “fear index,” surged 6.52% to 16.01.
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