1. Futures go on a wild ride on mixed messages ahead of US-China trade talks

Traders work on the floor of the New York Stock Exchange (NYSE) on August 23, 2019 in New York City.
Eduardo Munoz Alvarez | Getty Images

U.S. stock futures were lower Thursday morning ahead of the resumption of high-level U.S.-China trade talks. Mixed messages about the progress being made sent Dow futures on a wild ride overnight — from down 300 points at one stage to small gains to losses again. The Dow Jones Industrial Average broke a two-session losing streak on Wednesday, rising more than 180 points. However, the Dow was still on track for a fourth straight losing week with two trading days to go.

2. Expectations for a trade deal are low after this week's deputy-level groundwork

Chinese Vice Premier Liu He (R) with United States Trade Representative Robert Lighthizer (2nd L) and Treasury Secretary Steve Mnuchin (L) before the start of talks at the Xijiao Conference Center in Shanghai on July 31, 2019.
Ng Han Guan | AFP | Getty Images

U.S. and Chinese negotiators are scheduled to begin a 13th round of talks Thursday aimed at ending a 15-month trade war that's worrying global investors and weighing on the world economy. However, expectations for a deal were low after the South China Morning Post said that no progress was made in deputy-level trade talks this week. The SCMP also reported that the Chinese delegation may cut its two-day U.S. visit short. That was knocked down by the White House, which later said the situation was fluid. Here's a timeline of the developments.