Wall Street was set to break a three-day losing streak on Wednesday, following a report that the United States and China were moving closer to signing a "phase one" trade deal.
Washington and Beijing were close to agreeing on the amount of tariffs to be rolled back, Bloomberg reported, a day after President Donald Trump said the deal might have to wait until after the U.S. presidential election in November 2020.
"I think the president wants and needs a trade deal before the election, not after," said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Company. "He (Trump) needs to have something to take to the electorate in 2020."