There were a few bright spots in the tech sector, with some chipmakers and optical stocks gaining after U.S. Commerce Secretary Wilbur Ross said Washington had reached a deal with China’s ZTE that would allow it to do business again with U.S. suppliers.
Qualcomm, whose products account for most of the chips used in ZTE smartphones, rose 0.9 percent. Qualcomm is also trying to get Chinese approval for its pending $44 billion acquisition of NXP Semiconductors NV.
NXP shares rose 6.2 percent.
“It’s a relatively quiet week. Everyone is getting geared up for the next when we have the Fed, ECB, BoJ making decisions, along with the Trump-Kim meeting,” said Dowdall.
“That’s what people are really looking forward to. At this point, it’s a quiet melt-up.”
Investors will look to a G7 summit starting in Canada on Friday for more signs on the trade tensions and tit-for-tat tariffs.
The two-day meeting will be the first chance for world leaders to confront Trump in person, since U.S. tariffs on steel and aluminum imports from Canada, Mexico and the European Union were imposed last week. While Canada and Mexico have retaliated against a range of U.S. exports, the EU has promised to do so as well.