Markets Calm Ahead of Fed; Tech Rallies, Oil Steady

Oil volatility eased, and Brent crude edged below $103 a barrel following an Iraq-Turkey deal to resume exports, though ongoing Middle East conflict and Iranian attacks kept a floor above $100. European natural gas prices dipped but remain over 60% higher on the month, signaling continued supply concerns and competition for LNG. U.S. futures, along with Asian and European indexes, saw gains.

A bullish outlook from Nvidia, particularly regarding its H2000 processors, fueled a global rally in tech stocks, with South Korea's Kospi surging 5% and major AI memory makers like SK Hynix and Samsung Electronics seeing significant increases. The dollar stabilized as oil prices and Treasury yields retreated, with bond markets showing stabilization across maturities.

Gold prices held steady, up 15% year-to-date, despite the diminishing prospect of interest rate cuts due to potential inflation shocks from the Middle East conflict. Investors are closely watching the Fed's stance on the economic fallout from geopolitical events, even as rates are expected to hold steady.