12:15 PM EDT, 05/09/2025 (MT Newswires) -- US equity indexes traded mixed at midday Friday before US-China trade negotiations this weekend in Switzerland.

The Nasdaq Composite fell 0.3% to 17,883.9, the S&P 500 climbed 0.1% to 5,671.2, and the Dow Jones Industrial Average dropped 0.3% to 41,244.4. Energy and consumer discretionary led the gainers, and consumer staples paced the decliners

Treasury Secretary Scott Bessent will meet China's Vice Premier He Lifeng in Geneva. The US imposed 145% tariffs on Chinese goods, and China retaliated with 125% tariffs against the US. President Donald Trump on Friday said in a social media post that China should open its market to US goods, while an "80% Tariff on China seems right! Up to Scott B".

"The US administration is reportedly leaning toward cutting its absurdly high tariffs on China in an attempt to coax China back to the negotiating table," Derek Holt, head of capital market economics at Scotiabank, said in a note. "The rumored tariff cut remains well into territory that crushes commerce by making it unprofitable to supply the market. All of this is setting the stage for talks in Geneva."

Most US Treasury yields fell intraday with the two-year rate down 1.2 basis points to 3.87%.

West Texas Intermediate crude oil futures advanced 1.1% to $60.56 a barrel.