Nasdaq Opens 0.5% Higher While S&P Gains 0.3% as Oil Falls and Traders Await Nvidia's Earnings

Stocks moved higher on Wednesday, thanks in part to a decline in oil prices, as traders looked ahead to the release of Nvidia’s first-quarter earnings report.

West Texas Intermediate futures shed 2% to trade above $101 per barrel. Brent crude pulled back 3% to around $108 a barrel.

Investors are turning their attention toward Nvidia, which reports its first-quarter earnings after the close. The report will be an important view into the artificial intelligence trade and provide the latest update on demand for chips.

Ben Snider, chief U.S. equity strategist at Goldman Sachs, noted that the chipmaker and AI darling has contributed about 20% of the S&P 500′s returns this year and almost that much of the broad market index’s earnings growth in 2026.