US stocks rise as WTI slips below $100, traders await Nvidia earnings

US stocks edged higher on Wednesday even as crude oil prices slipped sharply, with West Texas Intermediate (WTI) futures falling to intra-day lows below $100 per barrel amid easing energy concerns and investor focus shifting to chip giant Nvidia’s earnings.

WTI crude futures dropped 3% to trade around $100 per barrel, while Brent crude declined 4% to nearly $106 a barrel as traders assessed the evolving geopolitical situation in West Asia and its impact on inflation and global markets.

Against this

backdrop, the S&P 500 rose 0.3%, while the Nasdaq Composite gained 0.5% in early trade. The Dow Jones Industrial Average added 98 points, or 0.2%, although it briefly swung between gains and losses during the session.

Wall Street’s attention remained firmly on Nvidia, which is set to report its first-quarter earnings after market close. Shares of the AI chipmaker rose more than 1% ahead of the results, with investors viewing the earnings as a key indicator of the strength of the artificial intelligence boom and Big Tech’s spending on AI infrastructure.

According to Bloomberg, options markets are pricing in a potential 5.5% move in Nvidia’s stock in either direction following the earnings announcement.

The rally in equities also came as investors awaited the minutes from the US Federal Reserve’s April policy meeting, scheduled for release later in the day. Market participants are looking for signals on the central bank’s interest rate trajectory amid persistent inflationary pressures.

Treasury yields, which rattled equities earlier this week, remained elevated. The 30-year US Treasury yield briefly crossed 5.19% on Tuesday, touching its highest level in nearly 19 years, while the 10-year yield climbed to 4.687%, its highest since January 2025.

Bond yields have surged in recent sessions after a string of economic data pointed to sticky inflation, raising concerns that the Fed may keep rates higher for longer or even consider additional hikes. Elevated borrowing costs have particularly weighed on growth and technology stocks tied to the AI trade.

Meanwhile, geopolitical tensions between the US and Iran continued to keep markets on edge. US President Donald Trump warned of possible military action against Iran if a peace agreement is not reached soon, while Iran’s Revolutionary Guard Corps vowed retaliation, adding to uncertainty around global oil supply and inflation.

On the corporate front, retailers also remained in focus. Target reported stronger-than-expected quarterly results, while Lowe's also beat Street estimates on both revenue and profit.