Trump and Xi Hold Cordial Washington Summit With Few Concrete Deals; Markets Flat as Traders Weigh Fed and Oil

President Trump hosted Chinese President Xi Jinping for a state visit and summit in Washington, DC, the two leaders' first in-person meeting of the term. Trump called it a 'great meeting' and said he discussed the Iran war with Xi, adding 'I think we're going to do great' without elaborating; Xi's three-day visit covered AI, tariffs, critical minerals, Taiwan and the Iran conflict. Beyond the previously announced Busan Agreement truce extension to January 10, 2027, the summit produced few new concrete agreements — CBS and Al Jazeera both characterized it as light on deliverables, with Chinese analysts quoted saying the bilateral relationship 'appears as strained as ever' despite the cordial public tone. US equities were little moved: the S&P 500 slipped 1.90 points to 7,704.13, the Dow fell 161.61 points (-0.3%) to 51,349.98, while the Nasdaq edged up 3.34 points to 26,939.37, as pressure from a bond-market selloff offset any summit optimism. Stocks bounced off session lows on revived hopes for a deal to reopen the Strait of Hormuz.