The major indexes were little changed Wednesday after a 470-point loss in the previous session.

Chinese trade officials backtracked on key aspects of a trade deal draft, undercutting hopes that the Chinese delegation led by Vice Premier Liu He this week could salvage the deal, according to a Reuters report.

The Dow has lost nearly 540 points this week amid the trade dispute, while the S&P 500 and Nasdaq are down more than 2% after both hitting all-time highs last week.

Some market participants believe the impact from higher tariffs would be somewhat limited.

Data released Wednesday morning in China suggested that its trade surplus in April stood at $13.84 billion, well below expectations. However, its trade surplus with the U.S. rose to $21.01 billion in April from $20.5 billion in March.

Investors are also monitoring corporate earnings. Disney and Fox will report after the closing bell. Shares of Disney were up 0.6% ahead of the earnings report.

So far, 88% of the S&P 500 companies have reported their first-quarter earnings. Earnings are beating by 6.7%, with 73% of companies exceeding their bottom-line estimates.