U.S. stocks drifted just below their all-time high as the wait continues to hear what will come of trade talks underway between the United States and China.

China's Vice Commerce Minister Li Chenggang said on Tuesday that the Chinese and the U.S. negotiating teams had agreed a framework on trade after two days of talks, and would take that back to their leaders.

One expert said he expected loosened controls on U.S. exports of semiconductors in exchange for China's releasing of more rare earths.

High-level delegations from the United States and China are meeting in London to try and shore up a fragile truce in a trade dispute that has roiled the global economy.

US stocks were little changed on Tuesday as renewed US-China trade talks entered their second day after an upbeat initial meeting. The Dow Jones Industrial Average was little chan

The South African rand strengthened on Monday as markets awaited the outcome of U.S.-China trade talks. At 1515 GMT, the rand traded at 17.7125 against the dollar, about 0.2% stronger than Friday's close and extending last week's gains.