White House officials are pushing back on the idea that a trade deal with China is imminent

For a brief moment Friday, there was optimism in the market that the Trump administration was getting closer to a trade deal with China. But administration officials are telling CNBC that there is no indication of an imminent agreement. On Friday, a report that said President Donald Trump had asked U.S. officials to prepare a draft trade agreement with China sent the market higher. Then, after it became clear that the reported progress might not materialize, the Dow went negative. Three senior administration officials told CNBC on Friday that there is no indication of an imminent trade deal, despite some progress being made behind the scenes. Later Friday, Trump’s top economic advisor Larry Kudlow told CNBC’s “Halftime Report” that Trump had not asked his Cabinet to put together a draft trade deal. Read more here