Market Steady Amid U.S.-China Tariff Truce and Global Trade Developments

The S&P 500 remained stable on Wednesday, amidst volatile trading, following a positive start to the week driven by encouraging inflation data and a significant U.S.-China tariff truce. Information technology gains helped offset broader declines, despite eight out of the 11 major S&P sectors trading lower.

Leading the upward momentum, Nvidia climbed with a 2.1% boost, whereas Advanced Micro Devices saw an impressive rise of 5.4%, bolstered by its newly approved $6 billion stock repurchase scheme. President Trump's recent tour in the Gulf, securing $600 billion commitments from Saudi Arabia, also resulted in U.S. tech firms securing AI-related deals in the Middle East.

The robust start came after the U.S. and China mutually agreed to a temporary but significant reduction in their respective import tariffs, soothing market anxieties over escalating global trade tensions. American Eagle Outfitters, however, faced a 5.9% decline after retracting its fiscal outlook due to persistent economic uncertainties driven by tariffs.

(With inputs from agencies.)