This morning's Q4 GDP estimate was net positive; above expectations growth with tame inflation. The Fed is safe to sit back and watch as 2019 unfolds, which bodes well for stocks.This week's dip in equities has been notably tame thus far considering the resistance zone the market presently sits in.
The no-deal Trump/Kim summit is a non-U.S. market event. Asia did appear to react a bit overnight, however.
The fact that equities for now simply look to be consolidating recent gains, in relatively tame fashion, amid conflicting commentary between Lighthizer (implies that we're a long way from a China trade deal, and it'll essentially be tough to get one) and Trump (says we're very close and is eager to schedule a signing ceremony) on trade speaks to the okay fundamentals, an on-hold Fed, and the economic and political reality that a trade deal with China is an absolute must for the key players (save for Lighthizer perhaps) involved.