Update (3:55 pm ET): The White House has rushed to clarify that the reason the meeting isn't on Xi's calendar is because "negotiations are still ongoing" about a potential Trump-Xi summit

Sarah Sanders tells me “negotiations are ongoing” a about a potential Trump-Xi meeting to discuss the China trade deal. But there’s nothing officially on the schedule. So it’s not clear what the timing could be on any face to face meeting. — Eamon Javers (@EamonJavers) March 8, 2019

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As President Trump tries to push more positive trade talk on the markets, reports that China might be getting cold feet about a sweeping trade deal with the US just keep coming.

With barely 40 minutes left in the session and stocks in the midst of another intraday rally, Fox News poured cold water on the market's party when it reported that President Xi had removed a tentatively-planned trip to Mar-a-Lago from his calendar. The report appeared to substantiate earlier reports taht the Chinese leader was wary of traveling all the way to Florida, only to leave without a deal.

Confirming that the anxiety was trade-related, the dollar simultaneously took a leg higher against the offshore yuan, leaving it to finish out the week near the highs.

Now we wait to see if the US manages to revive hopes for a trade deal before stocks close with their worst weekly drop of the year.