S&P 500 dropped 0.6%, Nasdaq declined 1.5%, Europe’s STOXX600 index added 0.7%, while Brent crude futures were down 57 cents at 66.06 a barrel

Wall Street stocks dropped, European equities gained and oil declined on Tuesday as traders assessed the previous day’s White House talks on the war in Ukraine, and looked ahead to a key meeting of U.S. central bankers.

U.S. President Donald Trump said he hoped Vladimir Putin would move forward on ending the war in Ukraine but conceded the Kremlin leader may not want to make a deal.

On Monday, Trump told Ukrainian President Volodymyr Zelensky the US would help guarantee Ukraine’s security in any agreement to end Russia’s war there, though the extent of any assistance was not immediately clear.

Declines in Nvidia and other heavyweight artificial intelligence stocks pulled the S&P 500 down 0.6% and the Nasdaq down 1.5%. The DJIA closed roughly flat after briefly hitting an all-time high.

Europe’s broad STOXX600 index added 0.7%, outperforming Asian stocks, which dropped slightly.

Europe’s gains were capped by declines in defence companies, with the STOXX Europe Total Market Aerospace & Defense index down 2.6%, as traders saw the talks as a chance to take profit in the sector after a strong run.

With any breakthrough in talks, “I think European stocks are likely the biggest winners, and within that framework, I think industrial companies, construction for rebuilding materials, and financial companies,” said Michael Arone, chief investment strategist at State Street Investment Management.

Losers could include shares in energy and defence after their recent gains, he said.

Energy markets were also assessing the chance of an end of the war in Ukraine, and oil prices dropped on speculation that progress in the talks could lead to the lifting of U.S. sanctions on Russian crude, boosting supply.

The moves were not dramatic though, and some analysts said developments were unlikely to jolt oil and gas markets significantly. Brent crude futures were down 57 cents at 66.06 a barrel, with U.S. crude down 77 cents at $62.65.