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The yield on the US 10-year Treasury note edged slightly lower to 4.65% on Wednesday after touching a 16-month high of 4.7% in the previous session, as investors continued to assess the inflationary impact of the energy shock triggered by the war with Iran.

Meanwhile, the selloff in government bonds intensified on Tuesday, pushing the 30-year Treasury yield above 5.19%, its highest level since 2007.

Target Corporation shares crashed 8% after the company’s management struck a cautious tone on consumer demand, despite reporting its strongest quarterly sales growth in years, beating estimates .

For the first quarter, Target’s sales rose 6.7% year-on-year to $25.44 billion, surpassing analysts’ estimates of $24.66 billion. The retailer reported adjusted earnings per share of $1.71, ahead of market expectations of $1.47.

However, company executives sounded a note of caution regarding the challenges that still lie ahead, dragging the stock to its lowest level since late March at $117, down 8% from the previous close.

The decline came despite the stock gaining more than 20% so far this year, as investors had bet on a strong rebound following weaker sales trend over the past few years.

Target said it now expects sales growth of around 4% for 2026, two percentage points higher than its previous outlook. The company also expects adjusted earnings per share to come in “near the high end” of its earlier guidance range of $7.50 to $8.50.

US stocks extended their opening momentum, with all three headline indices surging more than 1%, supported by a decline in crude oil prices and easing bond yields. The S&P 500 gained 1.1% to 7,435, while the Dow Jones Industrial Average also climbed nearly 1% to 49,872.

The tech-heavy Nasdaq advanced even further, rising 1.27% as chip stocks resumed their winning run. Shares of Advanced Micro Devices, Intel, Marvell Technology and Micron Technology surged between 3.8% and 9%.

Crude oil prices remained under pressure for the second straight session, with West Texas Intermediate crude futures falling 2% to trade around $102 per barrel. Brent crude also declined 2% to hover near $108 a barrel.

The dollar index retreated modestly from its intraday high to 99.4 but continued to hover near a six-week high.

Concerns are growing that war-driven inflation could become more entrenched in core consumer spending, strengthening expectations of higher interest rates and a more hawkish stance from global central banks.

Benchmark 10-year US Treasury yields touched a 16-month high on Tuesday, while 30-year yields climbed to their highest level since 2007. The sharp rise in yields continued to provide support to the US dollar.

Precious metals found support in Wednesday’s trade as bond yields eased slightly, although elevated Treasury yields and a firm US dollar continued to cap upside momentum.

Both gold and silver oscillated between gains and losses but remained largely tilted to the upside. Comex gold gained $21 per troy ounce to touch an intraday high of $4,532, while silver futures rose by $1.8 per ounce to $76.99, rebounding after four straight sessions of losses.

Although the white metal posted mild gains today, it still remains nearly 16% below its recent high of $90 per ounce.

Precious metals have been trading in a limited range as escalating tensions between the US and Iran kept markets focused on inflation risks and the possibility of higher interest rates.

The dollar index retreated sharply from its intraday high to 99.4 but continued to hover near a six-week high, while benchmark 10-year Treasury yields remained near more-than-one-year highs.

Nvidia shares gained 2% to reach $225.30 ahead of its much-anticipated first-quarter earnings report, scheduled to be released after the market close.

For many on Wall Street, Nvidia’s results are expected to help set the tone for a stock market that is hovering near all-time highs while also facing renewed concerns over the economic fallout of the Iran conflict.

Nvidia also has a strong track record of delivering earnings surprises, having missed analysts’ estimates only three times over the past five years. However, its most recent miss came in 2025. Since then, the company has beaten estimates for three consecutive quarters.

The shares have gained 21% so far this year, with its market capitalisation crossing $5.65 trillion last week, keeping its tag as most valuable company in the world.

The release of the Federal Reserve’s meeting minutes later on Wednesday is expected to dictate the near-term direction of marke. Investors will closely track the minutes for further insights into the Fed’s latest policy meeting, where policymakers decided to keep interest rates unchanged in the 3.50%–3.75% range.

However, analysts believe the impact of the minutes could remain limited following recent macroeconomic data. Latest inflation readings showed that the Consumer Price Index (CPI) rose to 3.8%, while the Producer Price Index (PPI) climbed to 6.0%.

Earlier data also showed that the unemployment rate remained steady at 4.3%, with the US economy adding more than 115,000 jobs. As a result, analysts increasingly expect the Federal Reserve to keep interest rates elevated for longer, while speculation is also growing that policymakers could still consider another rate hike before the end of the year.

WTI crude oil fell $3.13 a barrel on Wednesday to trade near $100.87, extending losses for a second straight session as hopes of a possible US-Iran agreement eased some geopolitical risk premium.

Brent crude also slipped another $3 to the day’s low of $108 per barrel.

US President Donald Trump said the conflict with Iran could end “very quickly,” while also warning that Washington could resume strikes in the coming days if negotiations fail.

In response, Iran’s paramilitary Revolutionary Guard reportedly issued a strongly worded statement on Wednesday, threatening to extend the Middle East conflict “beyond the region” if the US and Israel resume attacks against Tehran.

Kotak Securities expects the near-term crude oil direction to remain highly sensitive to geopolitical headlines, Strait of Hormuz shipping flows, and US inventory data. The brokerage said any diplomatic breakthrough may pressure prices further, while renewed supply disruptions could quickly revive bullish momentum across the crude complex.

Chip giant Nvidia is scheduled to report its first-quarter earnings after the market close.

According to Vested Finance, investors are treating Nvidia’s earnings as a major macro event, with expectations that the results could determine whether the AI rally still has momentum left or whether the semiconductor boom is beginning to slow.

Despite months of explosive gains across the broader AI trade, the brokerage highlighted that Nvidia itself has lagged behind several semiconductor peers this year. As a result, investors are now focusing less on headline growth and more on whether demand can continue accelerating amid rising competition and increasing concerns over valuations.

The broader AI rally has clearly cooled over the past week. However, the brokerage added that many investors still believe Nvidia has the ability to revive momentum if it delivers another strong quarterly performance and raises guidance once again.