Stocks wobbled on Monday as investors weighed the possibility of the U.S. and China striking a deal to end the ongoing tariff war.

The Dow Jones Industrial Average closed 53.22 points lower at 25,053.11, giving up an earlier gain of 90 points. The ended the day up less than 0.1 percent at 2,709.80 as gains in the industrials sector were capped by losses in health care and communications services. The Nasdaq Composite closed 0.1 percent higher at 7,307.90.

"The market is now waiting for information on the trade and geopolitical issues that still exist," said Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management. "With those coming so close in the next few months, I don't think the market is going to get too far out over its skis in either direction."

"We're almost at a waiting point trying to assess whether what is the likelihood of a trade deal," Schutte said.

Axios reported on Sunday, citing two administration officials, that President Donald Trump's advisors have informally discussed holding a summit with Chinese President Xi Jinping next month at the Mar-a-Lago, Trump's private club in Florida. This meeting could take place as soon as mid-March, the report said. However, the officials cited in the story added that nothing has yet been set.

That report comes after Trump said last week that a meeting between him and Xi would not happen before an early March deadline. If a trade deal is not reached before the deadline, additional U.S. tariffs on Chinese goods will take effect. That deadline could be moved, however, a White House official told CNBC last week.