(Bloomberg) -- U.S. stocks retreated from all-time highs after Bloomberg reported that tariffs on billions of dollars of Chinese goods will likely stay in place until after the presidential election.

The S&P 500, Nasdaq Composite and Dow Jones Industrial indexes all pulled back from records as the conditions underscored lingering concern about future progress in negotiations. Positive results from big banks had driven prices higher. Treasuries climbed earlier after a gauge of underlying inflation rose less than forecast.

“There was a lot of optimism built up and now this just throws a whole new wrench into that optimism,” said Ryan Nauman, a market strategist at Informa Financial Intelligence’s Zephyr. It raises “a lot of questions moving forward.”

The two sides have an understanding that no sooner than 10 months after the signing of the agreement at the White House Wednesday, the U.S. will review progress and potentially trim tariffs now in place on $360 billion of imports from China, according to people familiar with the matter.

The Stoxx Europe 600 Index closed up for the first time in three sessions. Earlier in Asia, stocks finished slightly higher.

The Chinese yuan held most of its surge from Monday, when Washington lifted its designation of the country as a currency cheat. The dollar held its gains after the inflation data, while the pound broke a five-day slide.

Here are some events to watch for this week:

  • Phase one of the U.S.-China trade deal is set to be signed on Wednesday in Washington.
  • The biggest American financial institutions kick off earnings season, with Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley and BlackRock Inc. next up.
  • The Fed’s so-called beige book is due on Wednesday.
  • China GDP comes on Friday.

These are the major moves in markets:

--With assistance from Gregor Stuart Hunter.

To contact the reporters on this story: Vildana Hajric in New York at vhajric1@bloomberg.net;Claire Ballentine in New York at cballentine@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka

©2020 Bloomberg L.P.

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