Further adding to the trade uncertainty, the U.S. Senate passed a bill in support of Hong Kong’s antigovernment protesters. The bill would require the U.S. Secretary of State to annually conclude Hong Kong remained sufficiently independent from Beijing to maintain its special status.

“The Chinese aren’t very happy about that bill progressing,” Paul Flood, multiasset portfolio manager at Newton Investment Management, told the Wall Street Journal. “It does make the tariffs discussion more difficult.”

Prior to Wednesday’s update, high expectations of a trade deal, along with better-than-expected third-quarter earnings season, helped Wall Street’s main indices hit record highs this month.

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