US stocks experienced a retreat from session highs amid continued uncertainty regarding a trade deal with China. President Trump's reassurance that he would not fire Fed Chair Jerome Powell initially sent stocks higher. Despite some positive momentum after comments from Treasury Secretary Scott Bessent concerning potential changes to tariffs, the markets began to fade by mid-afternoon. The S&P 500 and Nasdaq Composite had notable gains, but these were dampened by Bessent's remarks emphasizing China's need for economic rebalancing and the lack of assurance about reversing tariffs. Trump indicated that while tariffs on Chinese imports would be reduced, they would not drop to zero. Reports suggested that tariffs could eventually be lowered significantly, which investors are awaiting for confirmation. Without concrete actions or policies, market rallies seem to rely on verbal reassurances rather than substantial developments.

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