Investors are grappling with what’s next on trade and dealing with stories that make it sound like the verbal agreements made last Friday are now dead on arrival. Some stories are focused on China’s description of the truce, and others are saying China is demanding another round of talks. 

Interestingly, President Trump told reporters that this so-called “phase one” papering of the agreement would take up to five weeks.  And, the administration has been clear on other work to be done.  Still, headlines of China’s pushback sent the Dow from a hundred-point gain to a one-hundred-point decline right before the start of trading.

After trading began, this tweet from the Hu Xijin, Editor-in-Chief of Chinese and English editions of the Global Times came out:

The market rebounded off the lows, but it’s been a real lackluster session.   That could begin to change tomorrow morning when bank stocks begin to report.  Although financials are higher, there hasn’t been a lot of reward for trying to buy these stocks before the companies’ report.  Even the names that popped the day earnings were released saw those gains fade over the course of five days.  Only Wells Fargo (WFC) share price improved, but it was still a loss.