Wall Street digested the latest signs President Trump's trade war could be entering a more conciliatory phase.

Wall Street pointed modestly higher before the opening bell as investors pored over the latest corporate earnings ahead of weekend trade talks between China and the U.S. Markets initially seemed indifferent to what appeared to be a de-escalation of the U.

Lately, Wall Street economic commentary has been replete with ominous warnings. President Donald Trump’s tariffs are bound to cause an economic downturn, or perhaps even a recession.