Several big tech CEOs have joined Trump on his trip to China to meet with Chinese President Xi Jinping, with the companies represented seeing movement in their stocks on Wednesday. Notable attendees include Tesla (TSLA) CEO Elon Musk, Nvidia (NVDA) CEO Jensen Huang, and Apple (AAPL) CEO Tim Cook.
To open trading, the Dow Jones Industrial Average (^DJI) fell 0.4%, while the S&P 500 (^GSPC) held flat. The tech-heavy Nasdaq Composite (^IXIC) climbed roughly 0.2% after stocks mostly fell on Tuesday amid a chip sector sell-off.
Trump’s arrival marks the first trip by a U.S. president to China in nine years. Chinese stocks got a boost ahead of the meeting, with Alibaba (BABA), JD, Baidu (BIDU), and Tencent (TCEHY) all trading higher. However, US stocks opened on Wednesday mixed, as Trump left several uncertainties and doubts about his visit behind. TSLA, AAPL, and NVDA all ticked higher, but the Dow Jones and Nasdaq showed opposing effects; dipping and climbing, respectively.
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The current headcount for Trump’s China visit is also scaled back from Trump’s last visit to Beijing in 2017, during his first term, when the US leader was accompanied by 29 business leaders. This time around, the White House has tried to downplay expectations for major new deals and investment. A senior US official told reporters on Sunday that “there’s not a proposal out there for some massive investment” from China to the US, saying it “has not been on the negotiating table.”