Traders work at the New York Stock Exchange in New York, the United States, Aug. 2, 2019. Photo: Xinhua

A mild correction on the Chinese mainland market continued into Wednesday, with most stocks losing stream. The flagship Shanghai Composite Index lost 0.54 percent, or 16.78 points, to retreat below 3,100 points. The Shenzhen Component Index finished in negative territory while the ChiNext index closed slightly up.

The moderation with declining trading volume in stocks points to hesitation among investors toward placing a buy order. Stocks related to WeChat mini programs, semiconductor and papermaking shares saw an uptick in the afternoon session, but they failed to shore up the market at large.

The weak performance on the mainland market somewhat echoed a slight correction the US market experienced Tuesday. 

Still, it is more likely that US stocks will continue to flex their muscles, considering that the imminent signing of a phase one trade deal between China and the US that is to give US stocks a shot in the arm. Under the agreement, China would ramp up its purchases of US products from farm produce to energy supplies.

In a sign of strength, the Dow touched a new high of 29,054.16 points intraday on Tuesday. The NASDAQ and S&P 500, for their part, logged a fairly mild loss.

The longer-term outlook for US stocks is increasingly subject to skepticism, as the brilliant performance of US stocks, underpinned by their faster earnings growth than stocks in other markets, seems difficult to continue. However, US shares are projected to continue their upward spiral for the foreseeable future.