Chipmaker Qualcomm rose as much as 5 percent Thursday after news of a deal between U.S. officials and Chinese telecom giant ZTE, but gave back most of its gains by the end of trading.

Shares closed roughly 1.5 percent up at $60.64 after surpassing $62 earlier in the day.

The leading U.S. chipmaker had for weeks been caught in the crosshairs of growing trade tensions. U.S. officials had banned American companies from selling components to ZTE, and Qualcomm is a major chip supplier for ZTE phones.