Trump dampens enthusiasm
The market dropped on the headline.
Update: It's like someone whispered in Trump's ear. He now says there's a very good chance of a deal with China. He also says it doesn't matter whether a deal is made before or at a summit, Xi has seen that he can walk away.
The way I understand it, Trump wants Xi to go to Florida to finish the deal but China is worried that Trump will unveil some kind of surprise that forces Xi into an uncomfortable spot where he may have to walk away. That would hurt Xi's image at home and is not a position he wants to be in. So China wants a deal 99.9% done before they're going to commit to a summit.
The S&P 500 has already recovered most of the spike.