The major averages closed mixed with the Dow and S&P 500 dropping into the red in the afternoon as investors awaited much-anticipated trade talks between U.S. and Chinese officials this weekend. The Dow Jones Industrial Average fell 119 points or 0.29%. The S&P 500 fell 4 points while the Nasdaq rose 78 cents.

On the week, the S&P 500 slid about 0.5%, while the Nasdaq dropped roughly 0.3%. The Dow fell almost 0.2% in the period.

The talks with Chinese officials follow the U.S. and United Kingdom reaching a preliminary trade deal. Investors hope this will lead to more agreements being reached quickly. That said, a 10% tariff rate on the U.K. appears to be the baseline for the globe.

Yields were quiet today with the 10-year Treasury gaining one basis point to 4.38%. The 2-year Treasury yield edged lower by less than one basis point to 3.88%. 

In the commodity space, oil was higher by nearly 2% on optimism of trade deal with China. Gold was modestly higher while bitcoin rose nearly 2% to new recent high.