Stocks lost some momentum late in the session after U.S. President Donald Trump posted on social media that he was considering ending some trade ties with China

U.S. stocks closed mixed on Tuesday and gold hit a record high as investors weighed upbeat economic sentiment from the International Monetary Fund and the country’s central bank Chair Jerome Powell against revived China-U.S. trade tensions.

Stocks lost some momentum late in the session after U.S. President Donald Trump posted on social media that he was considering ending some trade ties with China.

The Dow reversed an early selloff to log modest gains, while crude prices dropped and benchmark U.S. Treasury yields eased.

The S&P 500 and the Nasdaq ended the session in negative territory.

Powell said in a speech on Tuesday that the overall U.S. economy “may be on a somewhat firmer trajectory than expected,” while also cautioning that “there is no risk-free path for policy as we navigate the tension between our employment and inflation goals.”

That echoed an IMF report which raised its global growth outlook as tariff shocks and financial conditions have proven more benign than expected. But the IMF warned that the trade war between the world’s two largest economies could significantly slow output.

What we have here is a market that has one ear constantly listening to the trade war rhetoric and then we have the other ear, which is in tune to the fundamentals of the stock market, said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

China and the U.S. began charging tit-for-tat port fees on Tuesday.

Bilateral trade tensions, which have impacted world markets this year, flared up late last week after China tightened controls on its rare earth exports. Trump retaliated by threatening to hike tariffs on Chinese imports into the triple digits.