The S&P 500 Index posted its biggest loss in a month after a report that Washington and Beijing are unlikely to reach a trade deal this year. The US Dollar rose and oil jumped. Telecom companies and automakers led losses on the gauge after Reuters said that a pact may be delayed, though the Index pared losses following a report that progress is being made. The developments came after China threatened to retaliate for the Senate’s passage of a bill that sought to support Hong Kong’s autonomy from Beijing. The House votes on the measure this morning. After reaching fresh highs Monday, U.S. stocks have retreated on concern about the outlook for trade. While investors are sensitive to any reports on the economy, the potential of a detente between China and the U.S. had driven gains this year that left stocks poised for their best performance since 2013. China’s chief trade negotiator said at a dinner Wednesday night that he was “cautiously optimistic” about reaching a phase one deal with the U.S., even as talks continue to stretch out amid tensions over Hong Kong and other issues. Separately from the speech, he told one of the attendees that he was “confused” about the U.S. demands, but was confident the first phase of an agreement could be completed nevertheless.
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