Xi was slated to meet with U.S. tech firms on Tuesday and will speak with President Barack Obama later in the week. A sluggish Chinese economy, U.S. firms' access to the country and cyberattacks traced to the area are among the topics that could be discussed.
For trader Guy Adami, cybersecurity will remain one of the top issues in U.S.-China relations moving forward, and companies that offer protection will benefit.
"I think these names are all still buys," he said.
He looked specifically to Palo Alto Networks despite its "huge valuation."
Boeing, meanwhile, looks "vulnerable" on continued weakness in China, trader Brian Kelly said. The aircraft maker seems appealing as a short due to its exposure there and in emerging markets.
Trader Dan Nathan added that he would avoid large industrials, many of which are encompassed in the Industrial Select Sector SPDR Fund.
Dan is long PYPL Oct call calendar, BA Oct put spread, INTC Oct put spread, QQQ Oct put spread, XLU call spread, TWTR, PG
Brian Kelly is long BBRY, GLD, Bitcoin, US Dollar, Crude Oil; he is short Yuan, British Pound, Euro, Yen, EEM, EWC, EWU, EWG, SPY, S&P 500 Futures.
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Steve is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX, firm is long BP, COP, CVX, FCX, NE, NEM, OXY, RIG, VALE His kids own EFA, EFG, EWJ, IJR, SPY.