The coming week could be one of the most pivotal for the Trump White House and the markets.
President Donald Trump announced via Twitter on Sunday night ET that the United States is planning to delay a slate of additional Chinese tariffs that were scheduled to begin on March 1.
The president cited "substantial progress" in bilateral talks between the two countries. Trump did not articulate a new deadline for a definitive trade deal.
The president also confirmed a possible meeting between Trump and Chinese President Xi Jinping, which sources earlier told CNBC is being discussed for late March. Strategists expect some form of eventual deal to be reached.
The week is packed with major events that could be market moving, including two days of economic testimony from Federal Reserve Chairman Jerome Powell. He appears before the Senate Banking Committee on Tuesday, and then a House committee Wednesday for the semiannual testimony.
The markets are also closely watching U.S. economic data after a string of misses on manufacturing and consumer data rattled stocks in the past couple of weeks. The lack of government data during the 35-day government shutdown has made it more difficult than usual to get a handle on the economy, and some economists now see fourth-quarter and first-quarter growth running at just 2 percent or below. Fourth-quarter GDP, delayed because of the shutdown, is finally released on Thursday.