Oil Prices Plummet to $85 as Markets Await Nvidia Earnings

U.S. stock indices rebounded slightly yesterday after a recent downturn as oil prices and bond yields declined, improving risk appetite ahead of Nvidia's earnings release.

The Nasdaq 100 outperformed while semiconductor stocks bounced back from previous losses, but Wall Street futures are now slightly lower with attention focused on Nvidia's results and U.S. PCE data.

Oil prices plummeted to around $85 per barrel amid hopes for resumed oil shipments through the Strait of Hormuz and easing conflict escalation concerns, reducing inflation worries and supporting government bonds.