MARKET SNAPSHOT

U.S. stocks were mixed as earnings season wound down and investors waited for fresh economic data and new trade developments. Treasury yields gained traction in late trade and the 10-year broke the 4.5% level for the first time since February, in a day with no major U.S. data releases. Oil prices fell after an unexpected build in inventories and expectations for increased production. Gold prices fell to their lowest close in over a month as the dollar strengthened.

MARKET WRAPS

EQUITIES

The S&P 500 edged higher, with optimism about potential trade deals and U.S. economic resilience wavering.

Major indexes wandered aimlessly for much of the day, with some shares of economically-sensitive stocks retreating after jumping earlier in the week. The Russell 2000 index, which tracks small-cap stocks, fell.

The S&P 500 rose 0.1% and the Nasdaq Composite gained 0.7%. The Dow Jones Industrial Average lost 0.2%.

Some analysts say that it will be harder for markets to achieve gains from here without significant progress on negotiations with other trading partners such as Japan and South Korea.

"We need some material trade deals that have real meat to them," said Amanda Agati, chief investment officer of PNC Asset Management Group. "It is potentially an inflection point for the market."

Earlier Wednesday, Hong Kong stocks jumped, with tech stocks helping lift the Hang Seng Index more than 2%. The Shanghai Composite Index added 0.9%. The Shenzhen Composite Index gained 0.5%. The ChiNext Price Index climbed 1.0%.

Japan's Nikkei 225 index declined 0.1%.

Stocks in Australia rose, as the S&P/ASX 200 added 0.1%, the sixth consecutive session of increases.

New Zealand stocks declined, with the S&P/NZX 50 falling by 0.1% and ending a three-day winning streak.

COMMODITIES

Crude futures settled lower after four straight sessions of gains, with the market seeing a bearish tilt in an unexpected inventory build and OPEC keeping its demand growth estimates unchanged while returning barrels to the market at an accelerated pace.

The U.S. crude build "wasn't as negative as widely perceived," Ritterbusch said, noting most of the increase was in the West Coast region and the 1.1 million barrel draw at Cushing, the Nymex delivery hub.

While strong refinery activity would be bullish for crude demand, "we look for this element to be offset by ongoing increases in OPEC+ production that will likely be hiking crude imports while, at the same time, backing out some exports," the firm added.

WTI settled down 0.8% at $63.15 a barrel, and Brent fell 0.8% to $66.09.

Gold futures fell, marking the fourth lower session of the past six and falling to their lowest close in over a month.

Front-month gold closed down 1.8% to $3,181.40 a troy ounce.

It's another sizable loss for gold, which is representative of fund traders cutting "another gigantic chunk of length from the gold spec position," said Robert Yawger of Mizuho Securities USA.

TODAY'S TOP HEADLINES

OPEC Signals Cautious Optimism on Trade, Holds Oil Demand Forecast

The Organization of the Petroleum Exporting Countries trimmed its economic growth outlook but struck a cautiously optimistic tone on trade developments, keeping its oil demand forecast steady as it prepares to accelerate production.

"Trade negotiations over the past two months...have shown a potential pathway of de-escalation, supporting the assumption that major trading partners will succeed in achieving lower tariff rates," the Vienna-based cartel said.

The global economy is now expected to grow 2.9% this year, down from 3% previously, while next year's projections remain unchanged at 3.1%. The group said global uncertainty should ease if the U.S. secures deals with key trade allies, noting potential agreements with partners like the EU, Japan and South Korea could materialize in the coming months.

Cisco Systems Boosts Outlook After Posting Higher Profit, Sales

Cisco Systems raised its sales outlook after posting higher-than-expected profit and sales in its fiscal third quarter, fueled by continued demand for the company's technologies.

The networking-equipment company said Wednesday that it now expects revenue of $56.5 billion to $56.7 billion for its current fiscal year, up from a prior outlook of $56 billion to $56.5 billion. It also guided for adjusted per-share earnings of $3.77 to $3.79, up from $3.68 to $3.74.

Analysts surveyed by FactSet expect sales of $56.4 billion, as well as adjusted earnings of $3.72 a share.

CoreWeave Posts Sales Jump in First Quarter Since IPO

CoreWeave posted a wider loss and a five-fold jump in revenue in its first earnings report as a public company.

The cloud provider on Wednesday posted a loss of $314.6 million, or $1.49 a share, in the first quarter, compared with a loss of $129.2 million, or 62 cents a share, the year before.

CoreWeave incurred $177 million in extra expenses related to stock-based compensation awards during its IPO at the end of March.

Boeing, GE Aerospace Secure $96 Billion Deal with Qatar Airways, White House Says

Boeing and GE Aerospace received a $96 billion order from Qatar Airways as President Trump looks to boost investments in defense and aircraft in the Middle East after reaching artificial-intelligence and tech agreements on Tuesday.

The order includes up to 210 American-made Boeing 787 Dreamliner and 777X aircraft using GE Aerospace engines. The sales figure doesn't appear to include discounts of as much as 50% to 60%, which are typical for jet deals.

The agreement marks Boeing's largest orders for both wide-body and 787 models, the White House said. The order will support 154,000 U.S. jobs annually, totaling over 1 million jobs in the U.S. during the course of production and delivery, the White House said.

Aramco Signs Deals With U.S. Companies With Potential Value of $90 Billion

Saudi Arabia's national oil company said it signed agreements with U.S. companies with a potential value of $90 billion, covering everything from liquefied-natural-gas purchases to artificial intelligence.

Saudi Arabian Oil Co., known as Aramco, said Wednesday that it signed 34 memoranda of understanding and agreements with major companies such as Exxon Mobil, Nvidia and Amazon.com.

The deals come after a U.S.-Saudi investment forum held in Riyadh on Tuesday during President Trump's four-day visit to the Middle East.