US stocks dip before Trump-Xi summit as oil rises

US stocks dipped in early trading on Wednesday as oil prices and bond yields climbed before a summit between US President Donald Trump and Chinese leader Xi Jinping.

About 15 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 51,775.34. The S&P 500 slipped 0.2 percent to 7,751.33, while the Nasdaq Composite Index dropped 0.3 percent to 27,159.81.

Oil prices had fallen Tuesday after Trump said US and Iranian officials were in direct talks at the United Nations General Assembly, but they moved higher on Wednesday.

Chinese state broadcaster CCTV said Xi left Beijing on Wednesday. The White House said Trump was due to meet Xi at Joint Base Andrews before talks on Thursday.

Interactive Brokers' Steve Sosnick said talking was better than not talking, but that it was unclear whether any progress had occurred. Briefing.com analyst Patrick O'Hare said both leaders were reportedly aligned on not slowing artificial intelligence development, but that other economic outcomes from the meeting remained unclear.