“US equities pulled back from this morning’s highs after President Donald Trump tweeted that America isn’t under pressure to reach a trade agreement with China,” Bloomberg reported at 11 am EST. Except that all the China-related stocks are surging and equity indices gave up ground for entirely unrelated reasons.

The large-cap China H-shares ETF, FXI, was trading close to the day’s high with a gain on the day of 2.4%. Apple, a stock that stands to suffer if Trump were to impose tariffs on all Chinese imports, also was up 2.4%, and trading at the day’s high at 11:15 am. Other China-sensitive stocks such as Qualcomm and Nvidia were among the day’s top performers.

Laggards among large-cap US names included Altria Group, which lost 4% after surging yesterday on reports that the American authorities would limit e-cigarettes; banks including Bank of New York and Wells Fargo; and consumer names like McDonald’s, Home Depot and Coca-Cola.

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