Wall Street slips as oil and bond yields rise, Trump-Xi meet in focus

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US stocks edged lower on Wednesday as rising oil prices and higher Treasury yields weighed on sentiment, while investors turned their attention to an upcoming meeting between US President Donald Trump and Chinese President Xi Jinping.
In early trading, the S&P 500 declined 0.1%, while the Dow Jones Industrial Average slipped 0.2%. The Nasdaq Composite fell 0.3%.
Markets remained focused on developments in energy prices as well as the expected discussions between Trump and Xi, with investors watching for signals on US-China relations and the broader global economic outlook.
Crude prices moved higher on Wednesday after falling in the previous session.
Oil had dropped on Tuesday following Trump's statement that US and Iranian officials were holding direct discussions during this week's United Nations General Assembly.
However, the talks have yet to produce a concrete agreement, with mediators continuing discussions between the two sides.
The price of Brent crude rose 1.3% to $100.55 a barrel on Wednesday as traders assessed the latest developments surrounding the US-Iran talks and their potential implications for global oil supplies.
The upcoming meeting between Trump and Xi also remained a key focus for financial markets.
Xi left Beijing on Wednesday accompanied by his wife, Peng Liyuan, Chinese Communist Party official Cai Qi and Foreign Minister Wang Yi, among other officials, according to China's state broadcaster CCTV.
Trump is scheduled to meet Xi personally when the Chinese leader arrives at Joint Base Andrews, according to the White House.
The two leaders are then expected to hold formal meetings on Thursday.
The summit is being closely watched by investors for developments that could influence trade relations between the world's two largest economies and affect broader market sentiment.
The yield on the 10-year Treasury jumped to 5.05% from 4.96% on Tuesday.
Among individual stocks, KB Home shares slipped 1% after the homebuilder’s executive chairman said conditions got even tougher for the housing market over the last three months.
General Mills stock fell 1.6% despite the firm reported a stronger profit for the latest quarter than analysts expected.
Gold prices fell on Wednesday as hawkish Federal Reserve signals bolstered rate hike expectations and powered the US dollar to two-month highs.
As of 9:05 a.m. ET (1305 GMT), spot gold fell 1.1% to $4,304.89 per ounce. US gold futures for December delivery were down 0.8% at $4,341.90.
Among other metals, spot silver fell 3% to $65.05 per ounce, platinum lost 3.7% to $1,767.73, and palladium declined 3% to $1,268.84.
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