Consumer stocks were mixed Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) fractionally higher.
US President Donald Trump said the trade deal with China was "done," subject to his and Chinese President Xi Jinping's approval. US tariffs will be set at 55% and China's at 10%, according to Trump.
In corporate news, General Motors (GM) plans to invest $4 billion in three plants in the US over the next two years as part of the automaker's efforts to boost domestic production of its gas and electric vehicles. GM shares gained 2.9%.
Tesla (TSLA) shares rose 0.6% after Chief Executive Elon Musk said that some of his recent posts about President Donald Trump "went too far."
General Mills (GIS) shares were shedding 0.2% after Bloomberg reported the company is considering selling its Haagen-Dazs stores in China.
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