Stocks retreated into the red Wednesday afternoon on a report from The Wall Street Journal that U.S. and China trade talks have stalled over agriculture purchases.
- President Trump previously said China committed to buying up to $50 billion in U.S. soybeans, pork and other agricultural products as part of a phase one trade agreement. But China is unwilling to quantify its farm purchases, denting hopes that the phase one deal will be signed sooner rather than later, the Journal said, citing sources.
- China is also resisting U.S. demands to make reforms on forced technology transfer, which the Trump administration has previously said would be addressed in future trade deals with Beijing.
- In the wake of the report, the S&P 500 and Nasdaq Composite turned negative, while the Dow Jones was barely higher.
