Wall Street Rollercoaster: Chipmakers Soar on Saudi Deals, Markets Mixed

Hold onto your hats, folks! U.S. stocks were all over the place on Wednesday, but chipmakers? They were shooting for the moon thanks to some juicy new deals with Saudi Arabia.

The market was a wild ride, with the Dow Jones dipping by about 0.25%, while the S&P 500 just chilled, staying flat. But the tech-heavy Nasdaq? It was partying, up 0.75% or 142.58 points, hitting 19,150.

This came hot on the heels of a killer week start, with investors popping champagne over the U.S. and China hitting pause on those pesky tariffs. And if that wasn't enough to get you excited, April's inflation numbers just dropped to their lowest since 2021. Party on!

Chipmakers Lead Nasdaq Rally

With trade tensions easing and inflation taking a backseat, the market was buzzing with bullish vibes. Tech stocks, especially those chipmakers, were the life of the party, riding high on a mega-deal with Saudi Arabia.

At an investment forum on Tuesday, where U.S. President Donald Trump was rubbing elbows with the big shots, Saudi Arabia dropped a bombshell: billions in deals with chipmakers. And guess what? Nvidia, the world's biggest chipmaker, shot up 3.75%, trading at $134.85 per share. Ka-ching!

But while stocks were having a blast, the dollar index took a nosedive, down 0.21% to 100.80 points. Gold? It took a beating too, dropping 1.91% to $3,182.22. Looks like investors are ditching the dollar and gold to chase those sweet stock market gains.

And Bitcoin? It was down with the gold crowd, slipping 0.66% to $103,378. But don't think it's just following gold's lead. Crypto prices were already popping off days before the stock market got the memo, breaking the $100,000 barrier. Right now, it looks like crypto's just taking a breather, cooling off. And you know what that means? Stocks might be next to take a chill pill.