Investors were feeling on edge Thursday after officials in both the U.S. and China denied that the two countries are close to opening trade negotiations. The Cboe Volatility Index, a widely-followed fear gauge that tracks S&P 500 options contracts and trades under the ticker VIX,

The bounce in U.S. stocks gained momentum on Wednesday as the Trump administration turned down the heat on its trade war with China that has so rattled markets, while the president distanced himself from his own calls for the immediate termination of Federal Reserve chair Jerome Powell.

Momentum is slowing Thursday following a big two-day rally, as more U.S. companies say uncertainty created by Trump’s trade war is scrambling their expectations.