S&P 500 Snaps Losing Streak as Oil Pulls Back and Nvidia Disappoints

CNBC reported Thursday that the S&P 500 oil retreat helped equities recover ground after an early bout of volatility tied to Middle East tensions.

Stocks Climb as Crude and Yields Pull Back

The broad index added 0.2% on the session. The Nasdaq Composite matched that gain. The Dow Jones Industrial Average outperformed, climbing roughly 365 points or 0.7%. Markets steadied after West Texas Intermediate futures reversed an early advance, falling about 2% to near $96 a barrel. Brent crude shed a similar margin, settling around $102. Treasury yields also retreated. The benchmark 10-year note dipped to roughly 4.56%, while the 30-year bond eased to about 5.09%.

The initial oil spike followed a Reuters report that Iran’s supreme leader had directed that enriched uranium remain inside the country. That directive raised fresh doubts about a quick end to the U.S.-Iran conflict and briefly sent yields sharply higher on inflation concerns.

Nvidia Beats but the Bar Has Never Been Higher

Chipmaker Nvidia delivered quarterly results that cleared Wall Street’s targets on both earnings and forward guidance. The company also lifted its quarterly cash dividend to 25 cents per share. Even so, shares slipped nearly 1% on the day. The Wealth Alliance CEO Robert Conzo told CNBC that investors have grown accustomed to Nvidia clearing the bar with ease. He suggested expectations have reached a level that is becoming difficult to satisfy, regardless of the underlying performance.

Background: A Market Torn Between AI Optimism and Geopolitical Risk

Wednesday’s session had already snapped a three-day losing run for the S&P 500, helped by President Donald Trump‘s comments that Iran negotiations were entering their final stages. That relief proved fragile, with Thursday’s early trading showing how quickly oil headlines can unsettle rate and inflation expectations. Conzo noted that the Cboe Volatility Index held near 17, a reading he described as consistent with broad investor comfort, supported by artificial intelligence momentum, solid earnings, and low unemployment.

Spotify and Consumer Data Add Positive Notes

Shares of Spotify surged roughly 15% after the company hosted its first investor day since 2022 and announced an AI partnership with Universal Music. Management laid out targets pointing toward 1 billion subscribers and $100 billion in revenue over the long term. Separately, Bank of America Securities noted that card spending per household rose nearly 5% year-over-year for the week ending May 16, suggesting consumers remain broadly resilient to elevated fuel costs.

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