US Commerce Secretary Gina Raimondo rejected an appeal by Chinese leaders to reduce US export controls on technology with possible military uses. While the two governments agreed to have experts meet to discuss disputes over protecting trade secrets, no agreement was reached on easing export controls. Raimondo conveyed complaints about Chinese restrictions on US technology companies to officials, including China's Premier Li Qiang, in an attempt to revive frosty relations between the two countries.

This comes as the US consumer confidence wanes due to high prices and signs of a cooling job market. The Conference Board reported a decline in the consumer confidence index, which measures Americans' assessment of current economic conditions and their outlook for the next six months. Both measures saw significant declines in August. A decrease in consumer confidence could impact their willingness to spend, further impacting the economy.

Adding to signs of a cooling trend in the US labor market, job vacancies and quits plunged in July. The number of job vacancies dropped to its lowest level since February 2021. This trend could have implications for inflation reduction, as fewer job openings and job mobility may indicate a slower economy.

As economic indicators suggest a cooling economy, US stocks closed higher on Wall Street. This follows updates on consumer confidence and job openings, which indicated that the economy may be cooling enough for the Federal Reserve to pause hiking interest rates.