Trump-Xi Summit in Beijing Yields No Major Breakthrough on Taiwan, Iran, or Trade
President Trump concluded high-stakes talks with Chinese President Xi Jinping in Beijing without securing major agreements on Taiwan, Iran, or the Strait of Hormuz. Though Trump claims China agreed to purchase American oil, traders expressed concern over the lack of concrete policy breakthroughs.
Summit Outcome
Stocks fell on Friday, bogged down by losses in technology stocks and a rise in U.S. Treasury yields, after a summit between President Donald Trump and Chinese President Xi Jinping ended and left traders worried about no major policy breakthroughs.
Oil Purchase Agreement
Oil prices rose Friday after U.S. President Donald Trump said China has agreed to purchase oil from America, following talks with Chinese leader Xi Jinping. "They've agreed they want to buy oil from the United States, they're going to go to Texas, we're going to start sending Chinese ships to Texas and to Louisiana and to Alaska," Trump said.
Market Impact
The S&P 500 shed 1.24% to end at 7,408.50, while the Nasdaq Composite slipped 1.54% to 26,225.14. The Dow Jones Industrial Average was down 537.29 points, or 1.07%, and closed at 49,526.17.