U.S. stock futures pointed to a higher open Wednesday as the 10-year Treasury yield slipped and oil prices fell, offering some breathing room. But even with energy costs easing, gasoline prices kept rising and bond yields remain well above pre–Iran war levels—
By early Wednesday, Wall Street’s mood was cautiously brighter—oil prices were lower and bond yields had eased overnight. S&P 500 futures rose 0.4%, Dow Jones Industrial Average futures climbed 0.2%, and Nasdaq futures jumped 0.7%.
The shift wasn’t dramatic enough to erase the bigger worry. The yield on the 10-year Treasury slipped to 4.64% from 4.66% late Tuesday. but it remains elevated compared with less than 4% before the war with Iran began. That higher level of borrowing costs has been one reason stocks can still feel expensive—while also raising the risk of slower growth.
Energy provided some relief, even as Americans at the pump kept feeling the strain. Early Wednesday, U.S. benchmark crude oil fell $2.65 to $101.50 per barrel. Brent crude, the international standard, dropped $2.89 to $108.39. But gasoline prices in the U.S. continued rising. The average price for a gallon of gasoline rose 3 cents overnight to $4.56. according to the AAA motor club. or about 43% more than it cost last year at this time.
Investors were also watching how companies are handling a tougher backdrop. Target rose 2% after the Minneapolis retailer reported a jump in first quarter sales and raised its annual revenue outlook. The company. which began a turnaround plan under its new CEO earlier this year. said it expects the momentum to continue through 2026.
Attention then turns to one name that can sway the entire market: Nvidia. Its quarterly results are due after the closing bell. Nvidia has routinely blown past analysts’ expectations each quarter and provided forecasts for future growth that have consistently topped Wall Street’s. The stock fell 0.8% Tuesday and was one of the heaviest weights on the S&P 500 because of its immense size. but it was up 1.8% in premarket trading Wednesday.
The stakes are clear. Nvidia’s performance could determine whether technology stocks—and the larger U.S. stock market—can keep their rally going. Many large U.S. companies have reported stronger-than-expected profits for the latest quarter. helped in part by customers continuing to spend despite high gasoline prices and other challenges. That support has helped vault U.S. stock indexes to records, even as disquiet in the bond market keeps threatening to slow the party.
Across Europe, Germany’s DAX rose 0.5% and the CAC 40 in Paris gained 0.6%. Britain’s FTSE 100 was effectively unchanged. In Japan, the Nikkei 225 fell 1.2% to 59,804.41. The yield on the 10-year Japanese government bond slipped to just below 2.8% but remained at its highest level since 1997.
China was mixed. Hong Kong’s Hang Seng fell 0.6% to 25,656.12, and the Shanghai Composite index dropped 0.3% to 4,162.10. Australia’s S&P/ASX 200 dropped 1.3% to 8,496.60. In South Korea, the Kospi fell 0.9% to 7,208.95 after a broad sell-off a day earlier, and Taiwan’s Taiex gave up 0.4%.
The overall picture is one of fragile relief: oil is down and yields have eased. but the cost of money is still far from where it was. and gasoline prices remain elevated for American households. With Nvidia’s results looming and bond jitters still in play. traders are betting that today’s calm can hold—at least until the next big data point hits.
Wall Street S&P 500 futures Dow futures Nasdaq futures 10-year Treasury yield oil prices crude gasoline prices AAA Target earnings annual revenue outlook Nvidia results technology stocks bond market