The latest figures on Wednesday revealed the U.S. experienced its widest monthly trade gap since 2008 in December and a record annual deficit in goods as economic growth supported higher consumer and business spending.

Looking ahead, market watchers will monitor inflation signals such as wage growth on Friday’s jobs report, with many hoping that a muted increase in consumer prices could keep the Fed from hiking rates.

Meanwhile, China and the U.S. are working on finalizing a trade deal, but many think the finer details could cause talks to extend.

“It is hard to say when and how it is going to be resolved because obviously it’s not just about simple things related to cars and things like that, it’s more about intellectual property,” Anna Stupnytska, global economist at Fidelity International, told the WSJ.

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