Stocks fell rapidly on Tuesday after Reuters reported a phase-one trade deal between China and the U.S. may not be signed next month.
The Dow Jones Industrial Average erased a slight gain and briefly traded more than 40 points lower. The S&P 500 was knocked off of record highs while the Nasdaq Composite traded 0.5% lower.
Reuters’ report said the agreement may not be signed at a November summit in Chile. The report, however, cited a U.S. administration official saying if a deal is not signed then, it just means more time is needed to move forward.