Finance

Oil futures experienced a sharp decline on Wednesday, with West Texas Intermediate falling more than 5.6% to trade near $98 per barrel. The selloff was driven by reports that the U.S. administration is in the final stages of negotiations with Iran, potentially easing geopolitical supply concerns despite a significant weekly draw in domestic crude stocks.

Investor attention remained fixed on Nvidia as the company prepared to release its first-quarter financial results after the market close. While the chipmaker surpassed analyst expectations and increased its dividend, its shares saw volatile trading in the after-hours session as markets weighed the results against high growth expectations.

Retail sector performance varied widely today, as Target shares fell nearly 4% despite beating profit estimates, highlighting high investor expectations for the retailer. Conversely, companies like Red Robin Gourmet Burgers and E.l.f. Beauty saw significant gains following positive earnings reports and optimistic guidance on consumer demand.