Trade talks between the US and China will continue into a second day, according to a US official, as the two sides look to ease tensions over shipments of technology and rare earth elements.

S&P 500 traded near the benchmark's record highs as talks provide a glimmer of hope for a US-China trade deal.

A new round of trade negotiations between the United States and China has started in London, with both sides trying to preserve a fragile truce brokered last month.