Global Markets Brace for Nvidia Earnings Amid Rising Oil Prices

Global shares took a hit on Wednesday as investors geared up for Nvidia's eagerly-awaited earnings report amidst growing concerns over oil supply following U.S. restrictions on Chevron's Venezuelan operations. Despite an earlier boost from eased U.S.-Europe trade tensions, market sentiment has shifted toward assessments of the chipmaker's performance.

On Wall Street, indexes faced downturns, driven by declines in utility, energy, and materials sectors. European markets did not fare much better, with the STOXX 600 and British FTSE experiencing losses. Trader anticipation was palpable as Nvidia stood as the last of the 'Magnificent 7' tech giants to announce its earnings this season.

Compounding the market jitters, Federal Reserve minutes revealed potential economic challenges from rising inflation and unemployment, while U.S. Treasury yields rose despite weak demand for Japanese bonds. In currency markets, the dollar's strength, especially against the yen, highlighted optimism for trade resolutions, while gold prices saw a slight uptick.

(With inputs from agencies.)