The S&P 500 Index posted its biggest loss in a month after a report that Washington and Beijing are unlikely to reach a trade deal this year. The dollar rose and oil jumped.
Telecom companies and automakers led losses on the gauge after Reuters said that a pact may be delayed, though the index pared losses following a report that progress is being made. The developments came after China threatened to retaliate for the Senate’s passage of a bill that sought to support Hong Kong’s autonomy from Beijing. The House votes on the measure later Wednesday.