U.S. equities broadly retreated for a second consecutive week due to weaker than expected economic data and another twist in U.S.-China trade relations.

Major U.S. equity indexes broke off a three-week streak of consecutive gains last week amid turbulence from rising tensions in the Middle East that sent oil prices soaring and some less optimistic reports on the progress of U.S.-China trade negotiations.

A series of trade concessions between the U.S. and China in addition to favorable U.S. economic data that reduced recessionary fears helped boost U.S. equity markets within striking distance of their all-time highs.

U.S. equities notched solid gains during a holiday-shortened trading week due to some renewed optimism around the U.S.-China trade conflict as officials from both administrations agreed to resume negotiations in October to take place in Washington.

U.S. stock markets opened lower after the Labor Day holiday, two days since the Trump administration imposed tariffs of 15% on thousands of goods made in China.