U.S. stocks closed mixed in a tight range Wednesday after Treasury Secretary Steven Munchin made upbeat comments on the possibility of a trade deal with China, but President Trump threatened more China tariffs if a deal doesn't get done.
Mnuchin said in an interview on CNBC that a U.S.-China trade deal was nearly 90 percent done before talks collapsed, but he remains hopeful talks will get back on track.
Trump and Chinese President Xi Jinping are set to meet in Japan during the G-20 summit amid ongoing tensions.
In an interview with Maria Bartiromo on FOX Business, Trump said he will impose additional tariffs on Chinese products if the two nations cannot make a deal. He added that his Plan B for China is to take in billions and billions in tariffs.
|I:DJI||DOW JONES AVERAGES||34725.47||+564.69||+1.65%|
|I:COMP||NASDAQ COMPOSITE INDEX||13770.573348||+417.79||+3.13%|
The debates are being held in Miami and are split into two nights. They will start at 9 p.m. ET and end at 11 p.m. ET both nights.
Micron Technology jumped after it said it had resumed some shipments to Chinese telecoms equipment maker Huawei Technologies and still expected demand for its chips to recover later this year. Other chipmakers rose.
|MU||MICRON TECHNOLOGY INC.||79.27||+0.55||+0.70%|
|AMD||ADVANCED MICRO DEVICES INC.||105.24||+2.64||+2.57%|
|GIS||GENERAL MILLS INC.||69.38||+1.03||+1.51%|
General Mills slipped after the food packaging company missed quarterly sales estimates, hurt by lower demand for its snacks in North America.
The Energy Information Administration said U.S. crude supplies fell by 12.8 million barrels in the week ended June 21, far more than the 2.8 million barrels analysts expected. The American Petroleum Institute said crude inventories fell by 7.5 million barrels in that same period to 474.5 million. Analysts expected a decline of 2.5 million barrels.
|MPC||MARATHON PETROLEUM CORP.||71.80||-0.10||-0.14%|
Bitcoin extended gains, nearing $13,000 for the first time in around a year and a half.
Gold fell 0.29 percent to $1,414.60 per ounce.
The yield on the 10-year Treasury rose to 2.04 percent, signaling a decline in investor demand for the relative safety of government debt since bond prices and yield vary inversely.
In Asia on Wednesday, China's Shanghai Composite slipped 0.2 percent, Hong Kong's Hang Seng added 0.1 percent and Japan's Nikkei lost 0.5 percent.
European markets closed mixed. London's FTSE slipped 0.1 percent, Germany's DAX added 0.1 percent and France's CAC lost 0.3 percent.