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The US stock S&P 500 index fell for the third day on Wednesday, as investors remain cautious about the latest developments in US-China trade negotiations.

Chip maker Intel (INTC.O) fell late in the last half hour of trading to help the broader market decline. Intel fell 2.5%, and the financial results released at the investor day meeting were disappointing.

After White House spokesman Sanders commented, US stocks rose slightly during most of the session. Sanders said that Washington received a statement from Beijing and hopes to reach a trade agreement with the United States. Liu Heding, China’s chief negotiator and vice premier of the State Council, visited Washington on Thursday and Friday.

However, a bulletin published by the Federal Register on Wednesday showed that starting from 0401 GMT this Friday (May 10), the US will increase the tariff on Chinese imports worth US$200 billion from 10%. Up to 25%. The Chinese Ministry of Commerce later responded that if the US upgrades tariff measures, China will have to take necessary countermeasures.

Investors said that the progress of trade consultations is mixed, and the US stock market is unsustainable.

“The last 30 minutes of the trend tells you that the market is still heading in the middle of this week,” said Michael Antonelli, market strategist at Robert W. Baird.

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