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US stocks dip as investors await concrete trade progress

Wall Street stocks dipped early Wednesday, pausing after recent records, as investors awaited concrete progress on US-China trade talks.

Hopes that the United States and China will formalize a trade agreement have helped lift stocks to records but buying fatigue is beginning to set in, analysts said.

"The baseline view remains that a partial deal of some kind will be reached soon but with the absence of pen to paper to sign a deal, past history suggests market participants can't take that fully for granted," analyst Patrick O'Hare wrote at

"Hence, some of the upward momentum linked to trade deal optimism has ebbed."

About 20 minutes into trading, the Dow Jones Industrial Average stood at 27,476.44, down 0.1 percent.

The broad-based S&P 500 also shed 0.1 percent, falling to 3,073.12, while the tech-rich Nasdaq Composite Index declined 0.3 percent to 8,410.11.

The Dow has closed at records the last two days. Besides better sentiment on trade, the market has also been boosted by better-than-expected earnings and a series of Federal Reserve interest rates cuts.

HP Inc. surged 10.6 percent following reports that Xerox is considering acquiring the technology company. Xerox gained 2.3 percent.