Global Markets Wobble Amid Nvidia's Reveal and Oil Supply Concerns
Global markets declined as investors weighed Nvidia's earnings and rising oil prices due to OPEC+ maintaining production levels. Wall Street and European indices fell, with Nvidia shares dropping post-earnings. Concerns linger over U.S.-Europe trade tensions and implications for inflation and the economy.
Global stock markets edged lower on Wednesday as investors digested Nvidia's earnings report amid climbing oil prices caused by supply concerns. OPEC+ maintained current production levels, and U.S. authorities restricted Chevron's Venezuelan crude exports, contributing to the rise in oil prices.
Nvidia's earnings surpassed analyst expectations, but its forecast for the second quarter fell short of Wall Street estimates due to tighter U.S. restrictions on exports of AI chips to China. This resulted in Nvidia shares dropping 0.5% during regular trading, although they rebounded by 3% in extended trading.
Major U.S. indices closed down, with the Dow Jones, S&P 500, and Nasdaq all experiencing losses. European and global indices followed suit amid uncertainty surrounding U.S.-EU trade negotiations. Meanwhile, the Federal Reserve is grappling with potential challenges posed by rising inflation and unemployment.
(With inputs from agencies.)
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