GLOBAL MARKETS-Shares down as markets brace for Nvidia results, oil prices rise after Chevron ban

By Chibuike Oguh

NEW YORK, May 28 (Reuters) - Global shares were lower on Wednesday, poised to snap two straight sessions of gains, with markets bracing for Nvidia's NVDA.O results while oil prices rose amid supply concerns after U.S. authorities barred Chevron CVX.N from exporting Venezuelan crude.

Market sentiment had been lifted by easing of trade tensions between the U.S. and Europe, after President Donald Trump delayed plans to impose 50% tariffs on European goods. Trump said on Tuesday that the European Union's move to set up trade meetings was positive.

Investor attention is now focused on Nvidia's earnings, which are due after markets close. The chipmaker is the last of the "Magnificent 7" tech companies to report earnings this season.

On Wall Street, all three indexes were trading lower, led by utilities, energy, and materials stocks. Nvidia's shares were up 0.73%.

The Dow Jones Industrial Average .DJI fell 0.24% to 42,242.66, the S&P 500 .SPX fell 0.14% to 5,913.23 and the Nasdaq Composite .IXIC was flat at 19,198.22.

Europe's STOXX 600 .STOXX finished down 0.61%, after having risen over the last two days on the back of Trump's EU tariff pause. Britain's FTSE .FTSE fell 0.59%. MSCI's gauge of stocks across the globe .MIWD00000PUS fell 0.30% to 878.50.

"The market is awaiting Nvidia's results and the stock is back up to the same level as it was before last earnings after a 35% drawdown," said Thomas Hayes, chairman of Great Hill Capital in New York. "I think the guidance will be good. China is a big question mark . . . but I don't expect any fireworks from Nvidia."

The Trump administration issued a new authorization for Chevron CVX.N that would let it keep assets in Venezuela but not export oil or expand activities, Reuters reported on Tuesday, citing sources.

Brent crude futures LCOc1 rose 1.12% to $64.81 a barrel, while U.S. West Texas Intermediate crude CLc1 gained 1.41% to stand at $61.75 a barrel.

Federal Reserve officials at their last meeting acknowledged they could face "difficult tradeoffs" in coming months in the form of rising inflation alongside rising unemployment, according to newly released minutes of their last meeting earlier this month.

U.S. Treasury yields were higher on the session, with the yield on benchmark U.S. 10-year notes US10YT=RR up 5.3 basis points at 4.485% and the 30-year bond US30YT=RR yield gaining 4.3 basis points to 4.9831%. Lacklustre demand for long-term Japanese bonds had weighed on trading overnight.

The U.S. dollar gained against peers including the euro and yen amid optimism about possible trade deals and following the soft demand for Japanese 40-year bonds.

The dollar strengthened 0.46% to 144.99 against the Japanese yen JPY=EBS, and gained 0.04% to 0.827 against the Swiss franc CHF=EBS. The euro EUR= down 0.38% at $1.1285.

Gold prices rose as traders sought bargains following the previous session's declines. Spot gold XAU= rose 0.05% to $3,301.20 an ounce.