Wall Street steady: Markets hold gains as S&P 500 flat, Dow Jones slips 0.2% after US-China trade truce

US Stocks remained mostly flat on Wednesday as markets held on to gains from earlier in the week, following a temporary truce in the US-China trade war.

The S&P 500 remained flat on Wednesday afternoon. The Dow Jones Industrial Average declined by 86 points, or 0.2% at 1:04 p.m. Eastern, while the Nasdaq rose 0.6%, boosted by strong performances from major tech stocks.

Although most companies in the S&P 500 saw declines, gains in big-name technology firms helped offset broader market weakness.

Super Micro Computer experienced a 17.2% increase after establishing a partnership with DataVolt, a Saudi Arabian data centre organisation. Advanced Micro Devices saw a 5.5% rise after announcing its $6 billion share repurchase initiative.

eToro Group, a platform facilitating stock and cryptocurrency trading, witnessed a 30% increase during its initial trading session.

The market has maintained stability since Monday's upturn, which occurred after the US and China agreed to a 90-day trade war suspension.

Additional gains were recorded on Tuesday following government reports of unexpected nationwide inflation reduction in April. Further inflation and retail sales data are anticipated on Thursday.

Over 90% of S&P 500 companies have disclosed their quarterly results. While most reports exceeded expectations, projected earnings growth for the current quarter has been substantially reduced for index companies.

Inflation continues to be a significant concern. Tuesday's consumer price data indicated minimal tariff impact thus far. However, this might change as existing tariffs affect supply chains and potential new tariffs are implemented.

Thursday will bring the April wholesale inflation report, showing prices paid by companies. Economists anticipate reduced inflation levels.

The upcoming Thursday retail sales report is expected to show a decrease to 0.2% in April, compared to March's 1.4%.