Nvidia Earnings and US PCE Report Set to Steer Markets

Nvidia and US PCE data in focus as markets await earnings and inflation report.

Oil benchmarks dropped nearly 5% after comments from US Secretary of State Marco Rubio, who said the US won't initiate strikes on Iran. However, a deal is being closed between Iran and Oman to facilitate flows through the Strait of Hormuz.

Gold prices are near three-month highs, just shy of $4,700, as real US yields fall and the dollar trades around three-month lows.

Nvidia's earnings report after today's market close will be closely watched. The company's guidance points to about $91 billion in revenue and 75% gross margins, implying 90-99% annual growth.