Shares down as markets brace for Nvidia results, oil prices rise after Chevron ban
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., May 14, 2025. REUTERS/Brendan McDermid/File Photo
NEW YORK :Global shares were lower on Wednesday, poised to snap two straight sessions of gains, with markets bracing for Nvidia's results while oil prices rose amid supply concerns after U.S. authorities barred Chevron from exporting Venezuelan crude.
Market sentiment had been lifted by easing of trade tensions between the U.S. and Europe, after President Donald Trump delayed plans to impose 50 per cent tariffs on European goods. Trump said on Tuesday the European Union's move to set up trade meetings was positive.
Investor attention is now focused on Nvidia's earnings, which are due after markets close. The chipmaker is the last of the "Magnificent 7" tech companies to report earnings this season.
On Wall Street, all three indexes were trading lower led by utilities, energy, materials and real estate stocks. Nvidia's shares were flat.
The Dow Jones Industrial Average fell 0.15 per cent to 42,279.69, the S&P 500 fell 0.16 per cent to 5,911.92 and the Nasdaq Composite fell 0.15 per cent to 19,171.32.
Europe's STOXX 600 was down 0.53 per cent, having risen over the last two days on the back of Trump's EU tariff pause. Britain's FTSE fell 0.47 per cent. MSCI's gauge of stocks across the globe fell 0.24 per cent to 879.01.
"There is renewed confidence that Nvidia can beat the consensus estimates," said Chris Weston, head of research at Pepperstone.
If Nvidia comes through with better-than-expected sales and profit margins, "the rally is on," Weston added.
The Trump administration issued a new authorisation for Chevron that would let it keep assets in Venezuela but not export oil or expand activities, Reuters reported on Tuesday, citing sources.
Brent crude futures rose 1.11 per cent, to $64.80 a barrel, while U.S. West Texas Intermediate crude gained 1.36 per cent to stand at $61.72 a barrel.
U.S. Treasury yields were higher on the session, with the yield on benchmark U.S. 10-year notes up 4.9 basis points to 4.483 per cent and the 30-year bond yield gaining 5.2 basis points to 4.9924 per cent. Lacklustre demand for long-term Japanese bonds had weighed on trading overnight.
The U.S. dollar gained against peers including the euro and yen amid optimism about possible trade deals and following the soft demand for Japanese 40-year bonds.
The dollar strengthened 0.21 per cent to 144.62 against the Japanese yen, but it weakened 0.25 per cent to 0.825 against the Swiss franc. The euro down 0.1 per cent at $1.1315.
Gold prices rose as traders sought bargains following the previous session's declines. Spot gold fell 0.1 per cent to $3,297.10 an ounce.
