The S&P 500 hovered near six-month highs on Thursday, with losses in technology stocks countered by gains in Boeing Co and Facebook Inc, as investors waited for more clarity on the U.S.-China trade talks.
Negotiations continued in Washington after meetings last week in Beijing, as the two countries worked toward resolving their long-standing trade dispute which has cast a shadow over global economic growth.
President Donald Trump is set to meet Vice Premier Liu He, who is leading the Chinese side in the talks, later on Thursday.
“The market is taking a breather today. It’s in a kind of wait-and-see period after a week of strong rally,” said Paul Brigandi, head of trading at Direxion Funds in New York.
“We’re awaiting some more details on the U.S.-China negotiations and we’re awaiting the jobs report. That’s giving people reason to wait and see what the next steps are.”
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