Wall Street digested the latest signs President Trump's trade war could be entering a more conciliatory phase.

"Right now, we're not out of the woods. I don't think it's necessarily a 'pound the table' time to buy stocks per se," Brian Vendig, MJP chief investment officer, told Yahoo Finance in an interview on Friday morning. "In the short term, this volatility is not going away."

U.S. stocks drifted to a mixed finish as Wall Street and other financial markets wait for a highly anticipated meeting on Saturday between China and the United States on trade.