As the oil drop boosts bonds, stocks rise ahead of Nvidia – US Market Wrap

Stocks jumped as oil prices fell, sending bond yields lower, while traders awaited Nvidia’s earnings to see if the outlook for artificial intelligence remains unchanged.
A comeback in chipmakers ended the world’s most valuable company’s seven-day losing skid ahead of its earnings. The Nasdaq 100 outperformed the main benchmarks. Brent crude fell below $90 on optimism for a resumption of petroleum shipments through the Strait of Hormuz, with Iran and Oman discussing a temporary framework.
A news story that the United States would be recalling diplomats from Middle Eastern embassies also eased morale, as it alleviated concerns about the war’s expansion. Lower oil prices lessened concerns about inflationary pressures, which lifted Treasuries.
Traders also analyzed economic data ahead of Wednesday’s release of the Federal Reserve’s favored inflation indicator. Consumer confidence in the United States fell to its lowest level since the beginning of the year, as business conditions and job prospects deteriorated.