Stocks were headed for mild losses on Tuesday as investors shied away from making any major moves ahead of a second day of trade talks between China and the U.S. Futures tracking the Dow Jones Industrial Average were down 1 point,

A strong jobs report on Friday added more fuel to a rally that has lifted the S&P 500 to within 2.4% of its all-time high.

Shifts in market sentiment continued on Tuesday as traders gauged the risks of an escalation in hostilities and broader involvement. Investors’ focus is especially on oil prices, with a commodity that had hovered near pandemic-era lows now emerging as an unexpected source of inflation.

Stocks looked set to climb on Monday as officials from China and the U.S. prepared to meet in London. The world’s two largest economies are trying to broker a lasting trade truce, and the outcome will matter a lot for company profits.

U.S. stock futures fell due to Middle East tensions and uncertainty over US-China trade deals. Boeing shares slumped after a crash in India. President Trump commented on regional instability. Oracle gained on strong AI-driven forecast,

U.S. stock futures and most European stock markets were near flat and Asian indexes ended mixed as investors await result of the U.S.-China trade talks.

The S&P 500 finished higher on Tuesday for a third straight session, with trade talks between the U.S. and China still ongoing in London.

Inflation data is expected to be a key topic later in the week. The latest consumer price index is due out on Wednesday, followed by the producer price index on Friday. Traders will be looking for clues as to how the current tariff rates are flowing through the economy.

Trump’s tariffs and the trade war continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

The shares of Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM) are 2.2% higher in electronic trading, after the chipmaker announced a roughly 40% year over year revenue increase for May. TSM yesterday closed at its highest level since Feb. 10, and is 25.9% higher in the last 12 months.