S&P 500 is little changed as Wall Street takes a breath after two-day rally: Live updates

The S&P 500 was little changed on Friday after the index, along with the two other major averages, posted back-to-back gains on easing geopolitical fears.

The broad market index fell 0.1%, as did the Nasdaq Composite. The Dow Jones Industrial Average traded 247 points lower, or 0.5%, dragged by a 2% slide in Goldman Sachs.

Shares of Nvidia and Advanced Micro Devices rose more than 2% and 3%, respectively. The moves come as people familiar with the matter told CNBC that Nvidia CEO Jensen Huang is planning to visit China in the coming days.

Intel shares, in contrast, tumbled 14% after the chipmaker reported a disappointing first-quarter outlook.

The major averages rallied for a second session as investors were appeased by news of easing trade tensions and geopolitical risk.

Stocks began their rebound on Wednesday after President Donald Trump called off his threatened tariffs on the imports of eight European nations, set to start Feb.1. The president’s move came after Trump announced that he and NATO Secretary General Mark Rutte reached a “framework of a future deal with respect to Greenland.”

Trump had also told CNBC on Wednesday that “we have a concept of a deal” with the Arctic island. To be sure, Greenland Prime Minister Jens-Frederik Nielsen said on Thursday he doesn’t know what’s in the “framework” deal that Trump announced, and stressed that any such deal must respect Greenland’s sovereignty and territorial integrity.

“Details on the agreement are sparse and the geopolitical spat over the island could resurface, but investors are taking relief from the quick progress towards a deal following significant market turbulence at the start of the week,” said James McCann, senior economist at Edward Jones.

He also pointed to the recent surge in gold prices. Gold futures settled at another record on Thursday.

“Interestingly, while risk assets are rebounding, gold is holding onto most its gain over recent days, continuing a strong run for this precious metal amid increasing bouts of geopolitical uncertainty, concerns over the long-term trajectory of the U.S public finances and increasing political pressure on the Federal Reserve,” McCann added.

Gains on Wednesday and Thursday erased the Dow’s losses from earlier in the week. The 30-stock Dow is up less than 0.1% on the week. However, the S&P 500 and Nasdaq are on track for their second negative week in a row, down 0.4% and 0.3%, respectively.