The tepid moves on Wall Street came as investors considered the possibility of a trade deal being struck between the U.S. and China. Officials from Washington and Beijing will continue talks this week with a focus on intellectual property.
Axios reported on Sunday, citing two administration officials, that U.S. President Donald Trump’s advisors have informally discussed holding a summit with Chinese President Xi Jinping next month at the Mar-a-Lago, Trump’s private club in Florida. That meeting could take place as soon as mid-March, the report said.
That report comes after Trump said last week that a meeting between him and Xi would not happen before an early March deadline. If a trade deal is not reached before the deadline, additional U.S. tariffs on Chinese goods will take effect. That deadline could be moved, however, a White House official told CNBC last week.
Meanwhile, U.S. Secretary of State Mike Pompeo warned America’s allies against using equipment from Chinese telecommunications giant Huawei.