The Dow was unchanged to close at 27,691.49. The S&P 500 gained 0.16% to end the day at 3,091.84. The Nasdaq Composite advanced 0.26% to 8.486.09. Both the S&P 500 and Nasdaq reached record highs as investors mulled over the latest trade news along with news out of Disney.
President Donald Trump said at the Economic Club of New York that China was "dying" to make a trade deal. He also lambasted China for cheating the U.S. in previous trade agreements. However, Trump did not offer new details on how the negotiations are progressing. This lack of clarity contributed to the major averages cutting some of their gains. Bottom line, stocks have been in a rip-roaring rally to record highs lately, but expectations around a U.S.-China trade deal are high.
Disney shares climbed 1.35% after the media giant launched Disney+, a video-streaming service. The platform suffered technical errors just hours after the launch as demand surged. Rockwell Automation, meanwhile, jumped 10.50% on the back of stronger-than-forecast quarterly numbers.
Wall Street will turn its attention to Washington on Wednesday as Federal Reserve Chairman Jerome Powell testifies in front of Congress. Investors will look for clues about the Fed's future monetary policy moves. Inflation data will also be on investors' radars on Tuesday. Read more here.