Nasdaq Jumps 1.6% and Brent Climbs to $93 Ahead of Heavy Q2 Earnings

Wall Street pushed higher on Wednesday as technology buyers snapped a two-day losing streak, handing Asian bourses an active lead-in. The Nasdaq Composite led the charge with a 1.6% gain. The S&P 500 added nearly 1%, while the Dow Jones Industrial Average lagged, edging up just 45 points, or 0.1%. A sharp surge in CoreWeave and a revival in Nvidia drove institutional desks back to the tape after the chipmaker bled value across the prior two sessions.

Risk sentiment improved, yet caution lingered across energy desks.

Hormuz Naval Mine Explosion and Crude Swing

Crude oil prices snapped a sharp two-day slide as traders reassessed conflict risks surrounding Iran. Brent futures for January settlement hovered near $93 a barrel after shedding 7% over the prior 48 hours. West Texas Intermediate traded near $87 a barrel. The commodity rebounded after Iran's Revolutionary Guard confirmed that an oil tanker caught fire early Wednesday upon striking a naval mine. Iranian authorities stated the vessel had entered an unauthorized channel through the Strait of Hormuz—the choke point for a fifth of global seaborne petroleum.

The United Kingdom Maritime Trade Operations Centre confirmed that a tanker had suffered an incident while transiting the Strait of Hormuz. The military monitoring unit did not identify the vessel and reported that the status of the crew remained unknown.

Geopolitical friction worsened the supply picture. While US President Donald Trump stated that additional strikes against Iran would not be necessary, diplomatic efforts yielded little headway. Tehran hardened its stance.

MoSPI Macro Prints and Domestic Earnings Docket

Traders on Dalal Street face a heavy macroeconomic calendar alongside corporate scorecards. The Ministry of Statistics and Programme Implementation will release India's Consumer Price Index print for October on Thursday at 4:00 pm IST. Headline inflation rose to 5.54% in September from 4.83% in August 2026, putting monetary policy watchers on high alert.

Industrial output figures follow shortly after. MoSPI will issue the Index of Industrial Production numbers for September at 5:30 pm IST. Factory production recorded 6.7% growth in September 2026, cooling from the 8% pace logged in August 2026.

Earnings desks face a grueling Thursday lineup. Hindustan Aeronautics, Grasim Industries, Eicher Motors, and Apollo Tyres will post their second-quarter numbers before the weekend. Midcap and sector-focused counters will track reports from Procter & Gamble Hygiene & Health Care, Astra Microwave Products, Rashtriya Chemicals and Fertilisers, EIH, IFCI, Nava, Man Industries, and Deccan Cements.

Market Context: The simultaneous release of sovereign inflation data, industrial output gauges, and automotive bellwether results will test domestic liquidity after foreign capital cycled rapidly between defensive plays and cash.

Global Corporate Balance Sheets

Offshore markets face their own wave of operational updates. Thursday's global earnings slate spans Hon Hai Precision, INPEX, Bridgestone, Naver, SK Square, NetEase, SMIC, Fertiglobe, Air Arabia, Siemens, Allianz, and Burberry. Across the Atlantic, US reporting heats up after the bell with numbers due from Cisco Systems, Nebius, Cerebras, and Applied Materials.

Macro developments wrap up late in the evening. The United States will publish its existing home sales data for October at 9:30 pm IST. September existing home sales climbed 1.5% month-on-month to an annualized pace of 3.99 million units, rebounding from a 3.2% contraction recorded in August.