S&P 500 futures signaled a tepid rebound as investors weigh the prospect of renewed restrictions due to rising coronavirus infections damping the economic recovery.
The Dow fell by up to 600 points before paring back losses.
Trump will make an announcement regarding U.S.-China relations on Friday.
U.S. stock futures pointed to declines in New York a day after major equity gauges ended their worst quarter since 2008.
Stock markets in the Asia-Pacific region diverged as investors weighed new developments related to the coronavirus pandemic, including the progress of an estimated $2 trillion stimulus package in the U.S.