Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) are trading higher on Wednesday, supported by a drop in Brent crude oil (BZ) prices below the $90 level.
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This morning, Iran’s Islamic Revolutionary Guard Corps (IRGC) said 26 vessels transited the Strait of Hormuz over the past 24 hours while emphasizing that passage is only permitted for ships that receive approval and coordinate with its navy. The waterway, which handles about one-fifth of global oil supply, has seen traffic collapse since the U.S.-Iran war began on February 28.
Tech Stocks Climb ahead of Nvidia’s Earnings Report
Elsewhere, tech stocks are leading the market higher ahead of Nvidia’s (NVDA) earnings report after the market close. The semiconductor leader is expected to post revenue of $79.12 billion with an adjusted EPS of $1.77.
NVDA is the largest holding in both the S&P 500 and the Nasdaq 100, which means its post-earnings move could significantly influence both indexes.