Stocks fell on Wednesday as investors sought further indications that a trade deal between China and the U.S. could be reached in the near future.
The Dow Jones Industrial Average pulled back 75 points as Exxon Mobile and Walgreens Boots Alliance lagged. The S&P 500 dipped 0.4 percent, led by declines in energy and health care. The Nasdaq Composite declined 0.5 percent.
Three sources told CNBC that President Donald Trump wants the U.S. and China to strike a deal in hopes of boosting stock prices ahead of the 2020 election. The sources said Trump thinks getting a deal on trade would accomplish that.