US Stocks Drift as Nvidia Earnings Loom, Oil Prices Tumble Amid Iran Tensions
The US stock market experienced a modest decline following an update on inflation and economic growth. The S&P 500 dipped by 0.1%, while the Dow Jones Industrial Average fell by 7 points. The Nasdaq composite slipped 0.2%. Investors are eagerly awaiting Nvidia's quarterly earnings report, which is set to be released after trading ends for the day.
The bond market has remained relatively steady despite some brief fluctuations in yields. Oil prices have continued to drop, with Brent crude falling by 2.4% to $85.17 a barrel and benchmark US crude declining by 2.4% to $80.37 a barrel.
The decline in oil prices can be attributed to the ongoing tensions between the US and Iran, as well as concerns over shipping companies attempting to navigate through the Strait of Hormuz. Diplomatic efforts are underway to resolve the conflict and mitigate its impact on global markets.