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President Donald Trump told a crowd in Saudi Arabia on Tuesday that the markets are just getting started. “It’s going to get a lot higher,” he said, right as the S&P 500 posted its first gain since late February.

The stock market and crypto both moved up, with the Nasdaq 100 climbing 1.6%, and the S&P 500 Index rising 0.72%. Bitcoin stayed well above $100,000, showing strength for the second day in a row. That same day, investor mood changed as China and the United States agreed to temporarily cut tariffs.

That was the first time since February 28 that the S&P 500 ended in the green. The crypto market cap crossed $3.5 trillion, its highest since February 2. Wall Street’s energy was obvious. Nvidia spiked 5.6% after announcing a deal to send 18,000 AI chips to Saudi Arabia. That helped boost other chipmakers. Broadcom jumped almost 5%, and AMD added around 4%.

Tech stocks run while Dow sinks

While tech shares kept pushing upward, not every corner of the market followed. The Dow Jones Industrial Average dropped 269.67 points, or 0.64%, because UnitedHealth collapsed by 18%.

Despite the Dow’s fall, Apple logged its fourth day of gains, Amazon its fifth, Goldman Sachs also moved higher for five straight sessions, and Disney extended its own streak to six days.

Futures showed a quieter mood early Wednesday. S&P 500 futures were up 0.06%, Nasdaq 100 futures rose 0.1%, and Dow futures were flat. But the optimism from Tuesday’s bounce was still visible. Tech led the rally again, especially after Nvidia’s chip shipment news.

The company’s plan to deliver thousands of AI chips overseas sent a strong signal, especially as chip stocks have taken center stage during 2025’s ups and downs.

On the crypto side, the gains matched Wall Street’s mood. Traders responded to two things: easing trade tension and new economic data. The Federal Reserve, which met earlier this month, had warned about possible stagflation because of high tariffs rolled out by Trump in April. 

But that concern cooled after the U.S. paused most reciprocal tariffs for 90 days, made a deal with the UK, and struck a temporary agreement with China to lower most levies.

Investors eye inflation and upcoming data

The Consumer Price Index for April increased 2.3% year over year. That was under the 2.4% forecast from economists. Core inflation, which excludes energy and food, landed right on target at 2.8%. Those numbers calmed markets that had been bracing for something hotter.

Treasury yields dropped right after. The 10-year yield fell more than 3 basis points to 4.468%, and the 2-year yield dropped more than 1 basis point to 4%.

Deutsche Bank said the April inflation data didn’t fully reflect Trump’s Liberation Day tariffs, and analysts don’t expect those effects to show up until June. “Our US economists think the April data is still too early for the Liberation Day tariffs to show up in the aggregate numbers,” their note said.

Meanwhile, eToro, the trading platform that handles both stocks and crypto, priced its IPO at $52 per share. It’s planning to list on the Nasdaq under the ticker ETOR. The company had pulled its original IPO in March due to tariff worries but is now going ahead. It had originally aimed for a range of $46 to $50.

Investors now wait for Thursday, when the government will release the Producer Price Index and retail sales data. These reports could give another window into how the U.S. economy is absorbing all the moving pieces—tariffs, inflation, and shifting global trade deals.

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