S&P 500 Holds Gains as Oil Drops and Nvidia Disappoints Bulls

CNBC reported Thursday that the S&P 500 posted modest S&P 500 gains even as oil markets swung sharply and Nvidia fell despite beating Wall Street expectations on earnings.

The broad index closed up roughly 0.2% on the session. The Dow Jones Industrial Average added around 272 points, a gain of 0.6%. The Nasdaq Composite edged up 0.1%.

Oil Swings on Iran Directive News

Crude prices were volatile for much of the session. West Texas Intermediate futures settled near $96.35 per barrel, a decline of almost 2%. Brent crude dropped more than 2% to close around $102.58 per barrel.

Prices initially spiked after Reuters cited sources saying Iran’s supreme leader had directed that enriched uranium remain inside the country. The move complicated hopes for an end to the U.S.-Iran conflict. That spike briefly pushed Treasury yields higher, stoking inflation fears.

Yields later pulled back. The benchmark 10-year note ended the day up just over one basis point at 4.582%. The 30-year bond dipped fractionally to 5.107%.

Wednesday Rally Snapped the Losing Streak

Stocks had recovered on Wednesday after a three-session skid. President Donald Trump said the administration was in the “final stages” of talks with Tehran, lifting investor sentiment.

The Wealth Alliance CEO Robert Conzo told CNBC that if oil stays above $100 per barrel, short-term inflation concerns could resurface. Still, he pointed to the Cboe Volatility Index sitting near 17 as evidence that investors remain broadly composed, supported by strong corporate earnings, artificial intelligence momentum, and low unemployment.

Nvidia Beats but Bulls Want More

Nvidia posted quarterly results that cleared Wall Street targets on both earnings and forward guidance. The chipmaker also lifted its quarterly cash dividend to 25 cents per share.

Despite the beat, Nvidia shares slid roughly 1% on the day. The market’s reaction reflected a pattern where investors have come to expect outsized outperformance from the AI-era leader. Conzo told CNBC that expectations have grown to the point of becoming unrealistic for any single quarter to satisfy.

Consumers and Spotify Offer Brighter Signals

Bank of America Securities said household card spending rose 4.8% year over year for the week ending May 16, indicating consumers remain resilient despite elevated fuel costs. Spending excluding gas climbed 3.5%.

Spotify was the session’s standout performer. Shares surged 15% after the streaming company hosted its first investor day since 2022, unveiled an AI content deal with Universal Music, and set a long-term target of $100 billion in revenue and one billion subscribers.

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