Stocks slip after Trump says ‘a long way to go’ on trade and investors digest bank earnings

U.S. stocks traded lower on Tuesday after President Donald Trump said an agreement with China on trade tariffs had “a long way to go,” in a briefing with reporters. The fade comes a day after major equity indexes eked out a round of fresh all-time closing highs and as Wall Street digested a fresh, bank-heavy round of earnings reports.

What’s driving the market? President Donald Trump described progress toward a China and U.S. tariff pact as “a long way to go” to reporters. Trump made his comments during a cabinet meeting at the White House, with reporters in attendance. While all four banks were able to surpass much lowered expectations for second-quarter performance, “the broad theme we’re seeing is slowing loan growth, somewhat muted trading revenues and shrinking margins,” said Stephen Biggar, director of financial institution research at Argus Research in an interview. “Lower manufacturing activity, lower housing activity and business-investment slowing are all manifesting themselves” in bank performance, he said.

Which stocks are in focus? Dow-component JPMorgan’s stock rose 1.13% Tuesday, after the bank reported earnings and revenue for the second quarter that beat analyst estimates.

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