S&P 500 is little changed as traders try to build on strong rebound from April low: Live updates

The S&P 500 hovered near the flatline on Wednesday as Wall Street tried to extend a strong start to the week that pushed the benchmark S&P 500 into the green for the year.

The broad market index inched up0.02%, while the Nasdaq Composite gained 0.4%. The Dow Jones Industrial Average fell 104 points, or 0.2%.

Technology stocks bucked the trend on Wednesday and extended gains from the start of the week. Shares of Nvidia advanced more than 3%, following news that it would send Saudi Arabia 18,000 of its top artificial intelligence chips. Peer chip stock AMD also rose more than 5% on the back of a $6 billion buyback.

Week to date, the S&P 500 and Dow are up more than 4% and 1%, respectively. The Nasdaq has soared more than 6%.

This week’s pop also put the S&P 500 in positive territory for the year. At one point, the S&P 500 was more than 20% below its record high set in February. Since hitting that April 7 intraday low, the benchmark is up more than 21%.

Risk appetite grew this week after the U.S. and China temporarily slashed tariffs on a wide array of goods. The U.S. reduced tariffs on China to 30% earlier this week, while China lowered its own levies to 10% on U.S. imports. Both nations had threatened in April to impose tariffs above 100% on the other.

“While this progress has led to a likely peak in investor fear and policy uncertainty, there are still a lot of unknowns over where tariff rates will ultimately land,” said Adam Turnquist, chief technical strategist at LPL Financial. “However, for now, investors have embraced the de-escalatory backdrop, especially the tariff reprieve deal reached with China over the weekend.”

The tentative agreement between the world’s biggest economies has led investors to hope it will eventually yield a more concrete trade agreement. China and the U.S. have not yet agreed to specific terms for a deal, however, and Trump said this week that a final agreement wouldn’t happen quickly.

“The next leg higher will have to wait for policy initiatives that could provide tailwinds into 2026, including deregulation and a pro-growth tax bill,” said Daniel Skelly, head of wealth management market research and strategy at Morgan Stanley. “But for now, investors may want to lean toward buying dips rather than chasing rallies, focusing on quality stocks with achievable earnings estimates.”

Still, the 90-day pause in the steepest threatened tariffs news has calmed nerves for investors that were worried that rising trade disputes tensions might push the U.S. and global economies into a recession in 2025.