Stocks held steady today as investors await the key meeting between President Trump and Chinese President Xi at this week’s G20 summit. The Dow gained just 8.41 points, and the S&P slid less than 1% at the close.
Trump and Xi are expected to discuss the ongoing trade war between the U.S. and China at the summit, which is set to start Friday in Osaka, Japan. Investors are hopeful the two leaders will get closer to a deal that will end the conflict.
"It feels like the likelihood of them coming together for a deal is pretty de minimis at this point. But the idea that the whole thing doesn't collapse is, I guess, a positive for the market." "Judging by the more conciliatory tone from both Washington and Beijing last week, the likely optics of the Trump-Xi talks will resemble the previous G20 meeting in Buenos Aires last December," he said. "Back then, the leaders' friendly rapport supplied the impetus to launch a new series of negotiations, with an agreement to refrain from further tariff hikes or other punitive action for the following three months while the talks proceeded.
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