U.S. stocks opened modestly higher Friday, putting the S&P 500 index and Dow on track to break a three-day losing streak after China’s President Xi Jinping said he wants to work toward a phase-one trade agreement on the “basis of mutual respect and equality.“

How are major benchmarks faring?

The Dow Jones Industrial Average DJIA, +0.27% were up 54 points, or 0.2%, at 27,820, those for the S&P 500 index SPX, +0.23%   added 7 points, or 0.2%, at 3,111, those for the Nasdaq- COMP, +0.20%  icked up 20 points, or 0.2%, at 8,525.

On Thursday, the Dow fell 54.8 points, or 0.2%, to 27,766.29. The S&P 500 SPX, +0.23% retreated 4.92 points, or 0.2%, to 3,103.54. The Nasdaq Composite Index COMP, +0.20% gave up 20.52 points, or 0.2%, to 8,506.21.

Thursday marked the third consecutive losing session for both the Dow and S&P 500, it longest such streak for the Dow since Aug. 5 and the longest period of losses for the S&P since Sept. 24.

For the week, the Dow is on pace to end the week down 0.7%, the S&P is looking at a 0.4% loss and the Nasdaq is on track to retreat 0.2%.

What’s driving the market?

President Xi injected some measure of optimism into a market that has grown more uncertain about a partial U.S.-China trade deal materializing. “We want to work for a Phase 1 agreement on the basis of mutual respect and equality,” was quoted as saying, during a forum in Beijing attended by a delegation of foreigners.

The leader of the world’s second-largest economy emphasized that Beijing wanted to avoid an outright trade war but didn’t want to appear to be a pushover in the negotiations with Washington which are intended to address longstanding trade-policy disagreements.

China’s chief trade negotiator Liu He remained optimistic about striking a trade deal and had invited his U.S. counterparts for more talks. On the American side, President Donald Trump said there was a “good chance to make a deal.”

“Xi’s comments did not reveal anything new, but served as a reminder that China is also in need of a trade deal,” wrote Edward Moya, senior market analyst for OANDA.

Investors have been wrestling with shifting narratives around international trade all week, as well as a mixed picture in corporate earnings, highlighted by some of the biggest retailers in the country.

Outside the U.S., the most recent survey data on manufacturing and services for the eurozone continued to indicate contraction. The IHS Markit eurozone composite PMI fell to 50.3 this month, from 50.6 in October. Any PMI reading below 50 represents a contraction in activity.

The U.K.’s economic performance was the worst since July 2016 with manufacturing and services PMI both coming in below 50 and below expectations. Britain faces a general election on December 12.

Looking ahead, is flash reading of U.S. manufacturing and services activity set for 9:45 a.m. Eastern, which will be followed by consumer-sentiment data for November from the University of Michigan at 10 a.m. Eastern Time.

Which stocks were in focus?

Nordstrom shares JWN, +8.25% jumped after the department-store chain’s third-quarter profit beat Wall Street’s expectations.

Tesla Inc. TSLA, -5.46%  late Thursday revealed its long-awaited all-electric “Cybertruck,” boasting a starting price tag under $40,000.

J.M. Smucker Co. shares SJM, +3.68% slid Friday, after the distributor of Folgers and Cafe Bustelo brands missed sales estimates for its fiscal second quarter and lowered its full-year guidance.

Shares of Foot Locker Inc. FL, -6.37% slumped Friday as net sales came up a bit shy, even though the athletic shoe and accessories retailer reported profit and same-store sales that beat expectations.

How are other markets trading?

U.S. Treasury yields retreated 1.2 basis points with the yield on the 10-year U.S. Treasury note TMUBMUSD10Y, +0.00% 1.760% as softer data out of Europe underpinned buying of haven bonds. Bond prices rise as yields fall.

In commodities, December gold GCZ19, +0.40%  rose $5.40, or 0.4%, to $1,469 an ounce on Comex. West Texas Intermediate crude for January delivery CLF20, -0.43%   slipped 0.2% to $58.45 a barrel on the New York Mercantile Exchange.

The ICE U.S. Dollar Index DXY, +0.05%, representing a basket of the greenback’s trading rivals, was virtually flat.

In Asia, stocks traded mixed; the China CSI 300 000300, -1.02% fell 1%, Japan’s Nikkei 225 added 0.3% and Hong Kong’s Hang Seng HSI, +0.48%   gained 0.5%.

Meanwhile, the Stoxx Europe 600 SXXP, +0.65% headed 0.6% higher.