LIVE MARKETS-Stocks mixed as trade deal fueled rally fades

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STOCKS MIXED AS TRADE DEAL FUELED RALLY FADES

U.S. stocks were mixed on Wednesday as positive momentum from a U.S., China trade deal reached on the weekend faded after two strong days of stocks gains.

Traders are adopting a more positive outlook on the U.S. economy as trade deals show that the worst-case scenarios for tariffs appear less likely, but they remain cautious as many trade levies look likely to stay in place.

A number of U.S. technology firms including Nvidia NVDA.O and AMD AMD.O on Tuesday also announced artificial intelligence deals in the Middle East as U.S. President Donald Trump secured $600 billion in commitments from Saudi Arabia to U.S. companies during a tour of Gulf states.

Federal Reserve Chair Jerome Powell is due to speak on Thursday and investors will look for any clues on when the U.S. central bank is likely to resume interest rate cuts. Fed funds futures traders have pushed back expectations on the next cut to September, following a better-than-expected jobs report for April and due to the U.S., China trade deal.

Producer price inflation and retail sales data is also due on Thursday morning.

The Nasdaq Composite .IXIC was the best performing major index, ending up 0.7%. The S&P 500 .SPX edged up 0.1%, while the Dow Jones Industrial Average .DJI fell 0.2%.

Here is Wednesday's closing market snapshot:

(Karen Brettell)

WEDNESDAY'S EARLIER LIVE MARKETS POSTS:

RETAILERS, NVIDIA STILL DUE TO REPORT THIS EARNINGS SEASON CLICK HERE

HARD DATA RESILIENCE POINTS TO STRONG STOCK RETURNS - CLICK HERE

STRUGGLING TO FIND A REASON FOR RATE CUTS CLICK HERE

DOLLAR HELD BACK ON SUSPICIONS TRUMP WANTS WEAK U.S. CURRENCY CLICK HERE

BOFA CLIENTS CONTINUE TO SNAP UP STOCKS CLICK HERE

WOULD-BE HOMEBUYERS WHISTLE PAST MORTGAGE RATE UPTICK CLICK HERE

MAIN US INDEXES EDGE UP; INDUSTRIALS, FINANCIALS NOT FAR FROM FRESH RECORDS CLICK HERE

S&P 500 INDEX: HAVE WE SEEN LIFTOFF? CLICK HERE

RETAIL INVESTORS GOT IT RIGHT, WHEN WILL INSTITUTIONS COME BACK? CLICK HERE

LAGGING ETHER SOARS AHEAD OF BITCOIN IN MAY CLICK HERE

IS THE BOE BACK IN THE MONEY? CLICK HERE

TIME TO STEP BACK INTO LUXURY? CLICK HERE

EARNINGS DRIVE BIG MOVES CLICK HERE

BEFORE THE BELL: EUROPE STEADY, CHINA TECH EYED CLICK HERE

MARKETS NEAR EVEN KEEL AMID TRADE DEAL HOPE CLICK HERE