U.S. stocks traded mostly lower Friday after President Trump cast doubt on earlier reports that the administration would agree to roll back import duties on China as part of a “phase-one” trade deal.

How are the major benchmarks performing?

The Dow Jones Industrial Average DJIA, -0.24% fell 90 points, or 0.3% to 27,584, the S&P 500 index SPX, -0.06% fell 4 points or 0.1% to 3,081, while the Nasdaq Composite Index COMP, +0.14% gained 7 points, or 0.1%, at 8,442.

On Thursday, the Dow rose 182.24 points, or 0.66%, to a record 27,674.80, while the S&P 500 index gained 8.4 points, or 0.27%, to an all-time high of 3,085.18. The Nasdaq Composite Index added 23.89 points, or 0.28%, to 8,434.52, its second-highest close in history, according to Dow Jones Market Data.

For the week, the Dow was likely to gain 1%. while the S&P 500 and Nasdaq may finish the five-session period 0.5% higher.

What’s driving the market?

Markets pulled back Friday amid growing doubts that the U.S. will agree to pare import duties in stages as a part of its partial pact with China, with the decline deepening after President Trump told reporters he hasn’t yet approved such a measure.

Peter Navarro, a senior U.S. trade adviser, said late Thursday that there was no formal agreement in place and the final decision would lie with Trump, according to the Wall Street Journal.

Investors had bid up stocks earlier this week on hopes that the U.S. would agree to a plan to remove tariffs, with enthusiasm gaining early Thursday after China’s Ministry of Commerce said that an agreement had been achieved to jointly eliminate some tariffs in stages as a part of the phase-one pact but optimism surrounding that news faded in afternoon trade amid reportsof “fierce internal opposition” within the White House.

“When Trump comes out and says that we’re not going to necessarily roll back tariffs, that gives markets reason for pause,” said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge told MarketWatch. “We have been here before, back it in Q2 when negotiations fell apart.”

That equities have only given up a slight share of this weeks gains can be attributed to an accommodative Federal Reserve, Gayeski said. “Clearly if you look over the past several weeks, there’s been positive momentum with the Fed moving to looser monetary policy and increasing its balance sheet.”

The reports came as trade data from China was better than expected, but reflected ongoing struggles for the world’s second-largest economy. Chinese trade data for October show imports fell a less-than-expected 6.4%, while exports, which had been expected to fall 3.9%, only slipped 0.9%.

“Nonetheless the numbers still paint a picture of an economy that is struggling to recover from an economic slowdown and the effects of the current trade impasse,” said Michael Hewson, chief market analyst at CMC Markets U.K. in a Friday research report.

U.S. consumers’ mood brightened in November according to the University of Michigan consumer sentiment index, which rose to 95.7 from 95.5 in October. Economists surveyed by MarketWatch had forecast a reading of 95.

A trio of speakers from the Federal Reserve also are on deck, including San Francisco Fed President Mary Daly, who is expected to deliver opening remarks at the climate change conference in her home region at 11:45 a.m. Eastern Time, while Fed Gov. Lael Brainard will deliver closing comments at 8:35 p.m. New York Fed President John Williams will participate in a round table talk in Manhattan at 8:30 p.m.

Which stocks are in focus?

Shares of Dow component Walt Disney Co. DIS, +3.90%  were in focus after the media and entertainment giant late Thursday said it earned $1.05 billion, or $1.07 a share, compared with $2.32 billion, or $1.55 a share, in the year-ago period, while revenue rose 34% to $19.1 billion, from $14.3 billion a year ago. Shares rose 4% Friday, adding roughly 35 points to the Dow Jones Industrial Average.

Gap Inc. GPS, -6.76% shares fell 7% after the retailer said its CEO Art Peck will step down and guided that fiscal year-end earnings will come in weaker than expected.

Shares of Chesapeake Energy Corp. CHK, +2.54% were being watched after the oil and natural gas company’s top executives bought a total of 125,000 shares on the dip below $1 a share.

Duke Energy Crop. DUK, -3.09%  shares moved 3.2% lower after the utility reported third-quarter earnings that beat expectations, but revenue that fell shy.

Zillow Group Inc. Z, +12.47%  reported Thursday evening sales that more than doubled in the third quarter from last year and a better-than-expected loss. Shares were up more than 13% Friday.

Shares of Take-Two Interactive Software Inc. TTWO, +2.06%  edged 1.8% higher Friday after the videogame publisher missed analysts forecasts for profits and revenue in the third quarter.

How are others assets trading?

The yield of the 10-year U.S. Treasury note TMUBMUSD10Y, -0.62% fell 0.8 basis point to 1.915% after reaching a three-month high on Thursday.

December gold GCZ19, +0.15%  on Comex on Friday added to its recent slide to three-month low, off 0.1% at $1,465.80 an ounce.

West Texas Intermediate crude for December delivery CLZ19, -0.91%  fell 2.1% to $55.92 a barrel on the New York Mercantile Exchange, as trade news darkened.

The ICE U.S. dollar index DXY, +0.21%, a gauge of the greenback’s performance against six major rivals, was up 0.2%.

In Asia overnight, the China CSI 300 000300, -0.47%  fell 0.4%, and the Shanghai Composite SHCOMP, -0.49%  declined 0.5%. Hong Kong’s Hang Seng Index HSI, -0.70%  fell 0.7%, while Japan’s Nikkei 225 Index NIK, +0.26% added 0.3%.

In Europe, the Stoxx Europe 600’s SXXP, -0.40% traded 0.3% lower.