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.

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.

S&P 500 traded near the benchmark's record highs as talks provide a glimmer of hope for a US-China trade deal.