Stocks fell on Wednesday, pulling back from record highs after Reuters reported a so-called phase one trade deal between China and the U.S. may not be completed by the end of 2019.

The Dow Jones Industrial Average was down 112.93 points, or 0.4% to close at 27,821.09. The S&P 500 slid 0.4% to 3,108.46 while the Nasdaq Composite dropped 0.5% to end the day at 8,526.73.

"It looks like some of the story-lines that have been intertwined with the market have started to put up more of a headwind for stocks," said Daniel Deming, managing director at KKM Financial. "The market is having more trouble navigating this landscape and it's primarily due to the fact that the trade situation has stalled."

Apple shares dropped to close 1.2% lower along with Caterpillar. The VanEck Vector Semiconductor ETF (SMH) was down 1%. Broadcom pulled back 1.9% while Analog Devices and Qualcomm both closed more than 2% lower.

Reuters reported, citing trade experts and people close to the Trump administration, the completion of a partial trade deal could be pushed into 2020 as China seeks more extensive tariff rollbacks. That report came after The Wall Street Journal said, citing former Trump administration officials, that the ongoing trade talks could hit an impasse. Uncertainty around trade also grew after the Senate passed a bill supporting Hong Kong protesters. This led China to accuse the U.S. of interfering in domestic affairs.