S&P 500 is little changed as oil rally loses steam, Nvidia declines after earnings: Live

The S&P 500 was unchanged Thursday as a rally in oil reversed and Treasury yields pared an earlier advance, while Nvidia’s latest quarterly report failed to give tech a boost.

The broad market index rose 0.1%, as did the Nasdaq Composite. The Dow Jones Industrial Average traded up 116 points, or 0.2%.

Crude prices initially jumped after Reuters reported, citing sources, that Iran’s supreme leader issued a directive to keep enriched uranium within the country — further complicating the outlook to a resolution to the U.S.-Iran war. However, oil prices later gave up those gains and were last little changed. West Texas Intermediate futures traded around $98 per barrel. Brent crude traded around $104 per barrel.

The earlier spike in oil was followed with a move higher in Treasury yields, as traders grew fearful of rising inflation. The benchmark 10-year Treasury note yield last climbed more than 2 basis points to 4.591%. The 30-year bond yield advanced less than 1 basis point to 5.121%.

Stocks rallied on Wednesday, snapping a three-day losing streak for the S&P 500, as oil prices and bond yields retreated. Investor spirits were lifted after President Donald Trump said the administration was in the “final stages” of negotiations with Iran, according to a pool report.

“If inflation kicks up because oil prices stay at $100 or more, which could happen, there could be short-term concerns around that, and you’ll hear a lot of headline risk,” said The Wealth Alliance CEO Robert Conzo. However, he noted that the current level of the Cboe Volatility Index – around 17 – signals that investors are “feeling pretty comfortable” given the proliferation of artificial intelligence, strong earnings and low unemployment.

“All eyes on a deal,” he said

Traders on Thursday also digested Nvidia’s latest quarterly report. Nvidia breezed past Wall Street’s expectations for earnings and guidance, in addition to announcing a hike in its quarterly cash dividend to 25 cents. But investors have come to expect the chipmaker to beat estimates and raise its outlook amid the AI boom.

Nvidia shares were last seen trading down around 1%.

“People are saying, ‘We expect more,'” Conzo said. “They just want more to the point where more becomes unrealistic.”