Finance

The broader market experienced quiet trading as Wall Street braced for the second-quarter fiscal results of artificial intelligence giant Nvidia after the closing bell. Given its multi-trillion dollar market capitalization and immense weight within the S&P 500, the company's financial performance is widely regarded as a critical test for the overall enthusiasm surrounding the technology sector and AI-related spending.

Crude oil futures tumbled by more than two percent, marking multiple sessions of consecutive declines amid easing geopolitical anxieties. Downward pressure accelerated following reports of constructive maritime discussions between Iran and Oman aimed at reopening the critical Strait of Hormuz shipping corridor. This prospective de-escalation heavily alleviated supply disruption concerns, pulling Brent crude prices below $87 a barrel.

Precious metals retreated from early morning peaks that briefly crossed the $4,700 threshold, ultimately consolidating lower as traders analyzed the latest domestic economic updates. Despite the daily decline, bullion remains cushioned near three-month highs due to recent long-term debt purchasing expansions implemented by the U.S. Treasury. Lower energy costs have also altered the near-term outlook for gold, which is on track to cap off a historically volatile month.