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U.S. stocks dropped on Tuesday after President Donald Trump said a highly anticipated summit with North Korea may not happen after all.
The president also said he is not satisfied with U.S.-China trade talks.
The Dow Jones Industrials backpedaled 178.88 points to 24,834.41, as Boeing shares declined 2.5%
The S&P 500 dropped 8.57 points to 2,724.44, with energy lagging.
The NASDAQ faltered 15.58 points to 7,378.46
Trump also said he was "not satisfied" with the trade talks that took place with China last week. He called the negotiations a "start" as his administration keeps working toward a final deal to address trade imbalances with Beijing.
The Chinese Finance Ministry said tariffs on certain vehicles will come down to 15% from as much as 25% while levies on some parts will be brought down to 6% effective July 1.
Shares of Ford gained on the news, picking up 0.1%, and General Motors rose 0.5%. Tesla initially rose more than 1% before sliding 3.3%.
The announcement by China comes after Treasury Secretary Steven Mnuchin told the media on Monday the U.S. has made "very meaningful progress" with China on trade matters, noting: "Now it's up to both of us to make sure that we can implement it."
Prices for the benchmark for the 10-year U.S. Treasury were higher, lowering yields to Monday’s 3.06%. Treasury prices and yields move in opposite directions.
Oil prices lost 30 cents at $72.05 U.S. a barrel.
Gold prices gained 40 cents at $1,291.30 U.S. an ounce.
