S&P 500 is little changed as investors await progress on trade deals: Live updates

The S&P 500 was little changed Thursday as traders continued to look for signs of progress on the global trade front.

The broad market index traded just above the flatline, while the Nasdaq Composite gained 0.4%. The Dow Jones Industrial Average lagged, dropping 189 points, or 0.5%, weighed by an 8% drop in IBM.

China said overnight that there were no trade talks taking place with the U.S., with Ministry of Commerce spokesperson He Yadong adding that “all sayings” regarding progress on bilateral talks should be dismissed. He also called for the cancelation of “unilateral” tariffs.

Those remarks came after President Donald Trump said he is willing to take a less confrontational approach toward trade talks with Beijing. Further, Treasury Secretary Scott Bessent said Wednesday that the U.S. has the “opportunity for a big deal” on trade. Chinese imports are subject to a U.S. tariff of 145%.

“While it’s encouraging to hear a more dovish tone on tariffs from the administration, stocks remain range-bound for the time being, as the ultimate goal for markets is either a reversal of the tariffs or significant trade deals,” said Gaurav Mallik, chief investment officer of Massachusetts-based Pallas Capital Advisors. “It can take a few months for corrections to end, and we still believe that this is a correction given the speed of the declines.”