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The market bounced back in a big way Wednesday, with all three major indexes snapping a three-day losing streak as investors welcomed falling Treasury yields and a sharp drop in oil prices ahead of a highly anticipated earnings report from Nvidia.

The tech-heavy Nasdaq led the rally, climbing 400 points, or 1.5%, to finish at 26,270. The Dow Jones surged 645 points, or 1.3%, to close at 50,009, while the S&P 500 gained 79 points, or 1.1%, to 7,433.

Investor sentiment improved as the benchmark 10-year Treasury yield pulled back from its recent 16-month high, easing some pressure on growth stocks.

At the same time, crude oil prices tumbled following reports that the US administration is in the final stages of negotiations on a potential Middle East peace agreement, helping calm fears about energy-driven inflation.

Even with the broad market rally, much of Wall Street’s attention remained fixed on Nvidia, which is set to report earnings after the closing bell in what many investors see as a key test for the AI trade and the broader tech rally.

Beyond Nvidia, earnings from Intuit Inc. and e.l.f. Beauty, Inc. were also on investors’ radar heading into the evening.

Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) continued to earn bullish support from Noble Capital Research after expanding into Saudi Arabia through a new exploration partnership aimed at building a scalable regional mining platform.

American Resources Corp (NASDAQ:AREC) said it has completed its transformation from a metallurgical coal producer into a rare earth and critical minerals supply chain company by separating its legacy coal and refining businesses into standalone entities.

Grey Matters Health (CSE:GREY, OTCQB:AGNPD, FRA:AGW0) signed a non-binding letter of intent with Catalyst MedTech to provide at least 200 brain PET scans for an upcoming Alzheimer’s disease clinical trial at its planned Tampa neuroimaging facility.

Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF, FRA:23SP) announced a planned C$10 million non-brokered private placement to help fund development activities at its Cerro Caliche gold project in Mexico.

88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) said its Augusta-1 exploration well on Alaska’s North Slope remains on schedule for a first-quarter 2027 spud as it advances permitting, logistics, and farm-out discussions.

Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, FRA:QM3) is presenting its US critical minerals strategy at the 2026 Alaska Sustainable Energy Conference as it advances plans to develop a domestic antimony supply chain tied to its Estelle project in Alaska.

Analog Devices Inc (NASDAQ:ADI) agreed to acquire privately held Empower Semiconductor for $1.5 billion in cash to strengthen its AI data center power management capabilities using advanced voltage regulator technology designed for next-generation 800-volt AI architectures.

Intel Corp (NASDAQ:INTC, XETRA:INL) shares rose after reports that the chipmaker has expressed preliminary interest in acquiring AI-chip startup Tenstorrent, which is exploring strategic options with investment banks.

Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) is expected by analysts at Wedbush Securities to exceed first-quarter estimates and issue strong guidance as AI infrastructure spending remains robust through 2027.

American Resources Corp (NASDAQ:AREC) said it has completed its transition away from metallurgical coal by separating its legacy coal operations and refining business into standalone entities focused on rare earth and critical mineral supply chains.

Grey Matters Health (CSE:GREY, OTCQB:AGNPD, FRA:AGW0) signed a non-binding letter of intent with Catalyst MedTech to provide at least 200 brain PET scans for an Alzheimer’s disease clinical trial at its planned Tampa neuroimaging clinic.

United Airlines Holdings Inc (NASDAQ:UAL, XETRA:UAL1) shares climbed after the airline forecast a strong summer travel season, expecting more than 53 million passengers between June and August amid rising international and holiday travel demand.

Target Corp (NYSE:TGT) posted its strongest comparable sales growth in four years and beat earnings and revenue expectations, though shares slipped after the retailer warned that near-term cost pressures would intensify.

Lowe's Companies Inc (NYSE:LOW) shares fell after the home improvement retailer reaffirmed a full-year sales outlook that slightly missed Wall Street expectations despite posting better-than-expected quarterly results.

TJX Companies Inc (NYSE:TJX) reported stronger-than-expected first-quarter earnings and revenue as increased customer traffic across its retail banners boosted sales and profitability.

CAVA shares surged after the Mediterranean restaurant chain reported first-quarter revenue above expectations and raised its full-year outlook.

Nvidia reports first-quarter earnings after the close, with analysts broadly expecting another beat.

Wedbush, which carries a $300 price target, said accelerating cloud and neocloud spending and Nvidia's superior supply chain positioning should drive results above $80 billion, with second-quarter guidance likely in the upper $80 billion range.

UBS raised its target to $275, forecasting $81 billion in first-quarter revenue and Q2 guidance of $90 billion to $91 billion.

Capital returns are a key watch item across the board, with a potential buyback authorization of up to $150 billion on the radar.

Shares of Nvidia are up more than 3.7% this afternoon.

Andrej Karpathy is joining Anthropic, where he’ll focus on pre-training research and help explore ways to use Claude to accelerate model development.

He announced the move on X, saying he’s returning to hands-on research and development, and added that the next few years of large language model progress could be especially important.

The move is notable because Karpathy is one of the original figures from OpenAI, and his shift to a direct competitor underscores how talent continues to circulate between leading frontier AI labs as competition intensifies.

Karpathy previously led AI for Autopilot computer vision at Tesla, left in 2022, briefly returned to OpenAI, and later founded the AI education startup Eureka Labs.

While stocks have ticked up by midmorning Wednesday, analysts are warnings that markets remained on edge as geopolitical tensions continued to disrupt global trade flows.

Bond yields are pushing higher across major markets, with the US 30-year climbing back to levels not seen since before the subprime crisis. The US 10-year is also edging up toward 4.7%.

Still, the geopolitical picture has stayed murky. “Traffic through the Strait of Hormuz remains at a near standstill, world oil inventories continue tightening, and oil prices keep rising,” Swissquote’s Ipek Ozkardeskaya said Wednesday.

“The latter fuels global inflation expectations and pushes global yields higher on rising bets that central banks may have to fight price pressures despite the worsening economic outlook. The OECD revised its economic outlook lower, factoring in the prolonged Middle East conflict and its global repercussions.”

Buyers are generally outnumbering sellers on Wall Street in initial trades, as chipmakers and AI-linked stocks resumed their climb ahead of Nvidia’s earnings tonight.

The Nasdaq opened up 0.4%, with the S&P 500 rising 0.25%.

The Dow Jones was just below flat, however, as consumer-focused companies retreated, with Walmart, Amex, McDonalds and Home Depot leading the declines, with Salesforce and IBM also falling over 1%.

On the Nasdaq, ARM Holdings led the climb with a 12% jump, followed by Marvell Technology, up 7.5%, and Intel, which gained 6.7% as investors rotated back into semiconductor stocks.

Constellation Energy, Advanced Micro Devices and Lam Research were also among the strongest risers, along with ASML, Applied Materials and Micron as part of the AI infrastructure theme.

US stock futures were edging higher on Wednesday ahead of a busier day of economic and corporate news, with investors awaiting Nvidia’s latest earnings as a key test for the AI trends that have driven the wider market.

Nasdaq futures climbed 0.6%, with those for the S&P 500 up 0.3% and Dow Jones futures up 82 points, or 0.2%.

The rebound follows a weaker Wall Street session the day before, when the Nasdaq fell 0.8%, and both the Dow and S&P dropped 0.7%, as weakness in technology shares weighed on sentiment.

Markets are continuing to wrestle with rising bond yields, higher oil prices and geopolitical uncertainty linked to the Middle East.

The key 10-year Treasury note reached 4.69%, the highest yield since February 2025, though easing to 4.65% in early morning trading to give a boost for earnings ahead of the opening bell in New York.

Front-month WTI crude futures were down 1.7% at $102.40 a barrel.

Investors are facing a “complex interface” of risks and events, said strategist Marc Ostwald at ADM said including inflation data and a growing debate in Washington over US involvement in Iran.

He added "While the Nvidia results offers some context to AI euphoria, there is a gradual realization that the rise in bond yields due to energy price pressures and major supply chain disruptions will make the colossal debt binge by AI hyperscalers all the more challenging (given the risk of project cost blowouts), along with a more sanguine consideration of what the huge investments in AI will actually deliver in terms of ROI, cost savings, efficiencies and innovations."

Daniela Hathorn at Capital.com said markets were displaying an unusual divergence, showing signs of “2000-style equity optimism alongside 2007-style bond market stress”.

She said investors were effectively betting that strong earnings growth from large technology companies would outweigh tighter financial conditions, though that assumption may become harder to sustain if inflation and bond yields remain elevated.

In other corporate stories, SpaceX has set June 12 as the date for its IPO, with Goldman Sachs running the book and pricing details to come the day before.

Analysts are suggesting Elon Musk’s rocket and satellite company could attract a valuation anywhere between $1 and $2 trillion

For macroeconomic data crunchers, later brings the release of minutes from the Federal Reserve’s April monetary policy meeting, Jerome Powell’s last as chair. Mortgage rates and EIA numbers are also due.