On October 11th, the Trump Administration declared that a partial trade deal had been reached with China. But in the following days, it became less and less clear as to what exactly the proposed "Phase one" trade deal accomplished due to conflicting statements from the U.S. and China. For instance, while President Trump talked about $50B in agricultural purchases by China, China itself made no mention of such a number.
Nevertheless, stocks, including the S&P 500 (SPY), reacted well in the aftermath of the news. The perception is that the trade conflict is