Wall Street today: US stocks drift amid hopes of more trade deals

Wall Street’s key indices were drifting on Wednesday as Donald Trump's Gulf tour stoked hopes of more trade deals.

US President Donald Trump, who is on a tour of the Gulf states, secured $600 billion in commitments from Saudi Arabia.

On Tuesday, several US technology companies also announced artificial intelligence-related deals in the Middle East.

At 10:00 AM, the Dow Jones Industrial Average rose 29.97 points, or 0.07%, to 42,170.40, the S&P 500 gained 1.61 points, or 0.03%, to 5,888.16, and the Nasdaq Composite gained 50.26 points, or 0.26%, to 19,060.35.

At the opening bell, the Dow Jones Industrial Average rose 9.7 points, or 0.02%, to 42150.09. The S&P 500 rose 10.2 points, or 0.17%, to 5896.74, while the Nasdaq Composite rose 64.6 points, or 0.34%, to 19074.722.

In the bond market, the yield on the 10-year Treasury rose to 4.49% from 4.47% late on Tuesday.

Among megacap stocks, Nvidia jumped 2.1%, Apple rose 0.02%, Tesla gained 2.05%, Microsoft added 0.81%, and Amazon lost 0.29%.

Advanced Micro Devices stock surged 5.4% after the chip designer approved a $6 billion share buy-back program.

Shares of American Eagle Outfitters fell 5.9% as the company withdrew its 2025 forecasts.

Super Micro Computer shares climbed 12.7% after the company inked a partnership deal with Saudi Arabian data center company DataVolt.

Gold prices fell on Wednesday on soothing fears of a potential global recession after the US-China trade deal.

Spot gold fell 0.5% to $3,231.08 an ounce, as of 1144 GMT. US gold futures eased 0.4% to $3,234.70.

Spot silver was flat at $32.9 an ounce, platinum rose 0.7% to $994.78 while palladium was steady at$956.65.

Oil prices dropped on Wednesday on hopes of potential jump in US crude inventories.

Brent crude futures fell 75 cents, or around 1.1%, to $65.88 a barrel by 1206 GMT. US West Texas Intermediate (WTI) crude slipped 75 cents, or 1.2%, to $62.92.

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