Stock Market Update

[BRIEFING.COM] After a strong start to the session fueled by the trade deal optimism, the major averages trade at their worst levels of the session as the market enters the final half hour of trading.

The announcement of a trade agreement between the U.S. and the EU provided early buzz, but a lack of further developments saw the markets succumb to some relatively broad-based selling.

Officials from the U.S. and China met in Stockholm today to discuss a trade deal, but today's talks ended without reports of anything substantive. The two nations are set to meet again tomorrow, which could be a driving factor if a deal is agreed upon. 

The pause on the lower tariff rate expires August 12, although press reports indicate both sides are expected to extend that deadline for 90 days.