In the late afternoon, US stock indices lost momentum and turned negative after reporting that tariffs on Chinese goods would continue until after the 2020 presidential election. Bloomberg News reported that any move to lower Chinese tariffs is conditional on the second-largest economy meeting a Phase 1 trade agreement, Bloomberg News wrote, citing those familiar with the matter. The Dow Jones Industrial Average
DJIA, + 0.11%
had risen 58 points, or 0.2%, to 28,970, but had a daily high of 29,054 and a low of 28,872 during the S&P 500 index
declined 0.3% to 3,286 and the Nasdaq Composite Index
was down 0.1% to 9,267. The report on Sino-US trade relations comes when delegates from Beijing traveled to Washington to sign a preliminary trade pact with the United States, which may have paved the way for a relaxation between the world's largest economies, which would be a huge one for the markets Represented headwind. Market participants argue that, despite the news, there have been no details so far regarding tariff abolition under a phase 1 agreement.