Monday's U.S.-China trade talks could be about a lot more than just tariffs. U.S. and China officials met in London Monday to discuss trade, in what could be a de-escalation of the trade war between the world's two largest economies. The talks are likely to cover rare earth metals and other flashpoints.

Stock moved modestly higher as investors focused on U.S.-China trade talks and data showing a modest recovery in sentiment at smaller U.S. businesses.

A new round of trade negotiations between the United States and China has started in London, with both sides trying to preserve a fragile truce brokered last month.