U.S. stock indices closed lower on Wednesday, halting their recent rally as traders assessed the preliminary U.S.-China trade deal and U.S. inflation data.

At the close of trading, the broad S&P 500 index fell by 16.57 points (0.27%), while the Nasdaq Composite dropped 99.11 points (0.50%), and the Dow Jones Industrial Average declined by 1.10 points.

The latest market updates followed reports that U.S. and Chinese officials reached a consensus after talks in London. As part of the agreement, China will resume exports of rare earth minerals, while the U.S. will ease restrictions on advanced technology sales to China, according to CNBC.