Despite an earlier lift from President Trump's "very good" phone call with Chinese President Xi Jinping, the major indexes finished the day in the red. The Nasdaq dropped 162 points, snapping a three-day win streak alongside the S&P 500, while the Dow posted a triple-digit loss as well. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) rose for the first time in six sessions. 

A public feud between Trump and Tesla (TSLA) CEO Elon Musk garnered plenty of attention, with the EV stock dropping 14.3% on the day. Looking ahead, investors will be focused on tomorrow's nonfarm payrolls report after this week's jobs data showed signs of a softer labor market. 

COMMODITIES REACT TO TRUMP-XI TALKS

Oil prices climbed after Trump's call with Xi, fueling hopes for demand stability. July-dated West Texas Intermediate (WTI) crude added 52 cents, or 0.8%, to settle at $63.37 per barrel.

Meanwhile, gold retreated as easing U.S.-China tensions sapped demand for the safe-haven asset. August-dated gold futures fell 0.8% to close at $3,371.60 an ounce.

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