🧧Today belongs to the Donald Trump–Xi Jinping summit in Washington. Nothing else, unless something emerges, will have a bigger impact on markets. Even so, I don't expect anything major.

🔴S&P 500 futures are losing roughly 0.6% in the morning. The Nasdaq, meanwhile, is down 1.16%.

Yesterday, Treasury Secretary Scott Bessent announced that the U.S. and China are extending the trade truce, the so-called Busan agreement, from November 10 to January 10.

The two-month delay is meant to open space for a broader deal, with Bessent noting that Beijing has not yet fully met some of its commitments. On the table are Chinese purchases of American agricultural products, lower tariffs on selected goods, and a mechanism for sharing warnings about AI-related security incidents.

Less optimism surrounds $BA. According to Reuters, hopes for a new large aircraft order are fading. In the spring, talks were about as many as 500 planes, but now it looks like barely 250. The stock is now at its lowest since April.

Beyond the summit, market attention is on $META shares.

At the Connect conference, Mark Zuckerberg introduced the monetization model for the AI agent Muse, which will be largely free for users, while the company will collect a small fee from transactions. Partners include $PYPL, $WMT, and $EXPE. Meta shares rose 11% on Monday.