Markets were mixed on Tuesday.
The S&P 500 rose 0.1 percent and the STOXX Europe 600 rose 0.2 percent but the Nikkei 225 fell 0.9 percent.
Oil rose. West Texas Intermediate crude oil rose 1.6 percent while Brent rose 2.0 percent.
“Markets are trading in a very tight wait-and-see range,” said Jeff Kravetz, regional investment strategist at the Private Client Reserve at U.S. Bank.
“There is justifiable tension/apprehension building over the meeting between Presidents Trump and Xi this week as the former's China bashing over alleged mercantilist policies presumably sets the stage for what could be testy talks,” said Vishnu Varathan, an economist at Mizuho Bank.
“There is an undercurrent of worries that the economy is losing momentum,” said Quincy Krosby, a market strategist, at Prudential Financial.
And while Mark Kepner, managing director of sales and trading at Themis Trading, thinks that the “price action in the stock market suggests there is still a ‘buy the dip’ mentality”, Nicholas Colas, chief market strategist at Convergex, wrote in a note that “with equity valuations high and volatility low, time isn't necessarily our friend”.
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