Stock Market Update

[BRIEFING.COM] The S&P 500 now sits flat for the day, as broad-based selling has the major averages dipping from earlier highs.

The stock market's strong opening followed news that the U.S. and EU secured a trade deal with a 15% tariff on European imports.

There is also optimism that a mutually favorable deal between the U.S. and China will be reached, as the U.S. is expected to lower the tariff rate to China for an additional 90 days as negotiations continue. 

Early enthusiasm around trade developments has waned as a lack of major developments has stalled momentum.

President Trump did announce that trade talks with Cambodia and Thailand will resume after the two countries agreed on a ceasefire, but these are substantially smaller trading partners than the EU and China.