Finance

Anticipation for Nvidia's first-quarter fiscal 2027 results pushed shares of the chipmaker up by roughly 2%, acting as a primary catalyst for the S&P 500. Other industry leaders, including Advanced Micro Devices and Intel, saw even sharper gains of 8.3% and 6.3% respectively, as investors look to Nvidia as a barometer for continued global AI demand.

West Texas Intermediate futures fell below $100 per barrel, dropping more than 4% following reports that the U.S. administration is in the final stages of negotiations with Iran. This diplomatic optimism has temporarily cooled concerns over supply disruptions in the Strait of Hormuz, which had recently pushed oil prices to 16-month highs.

The 10-year Treasury yield dropped 9 basis points to roughly 4.58% on Wednesday, providing much-needed relief to risk assets after the 30-year yield recently hit its highest level since 2007. Despite this pullback, strategists remain cautious as yields remain near multi-year highs, reflecting long-term uncertainty regarding the Federal Reserve's interest rate path.