Wall Street futures rose Thursday on the back of a stronger-than-expected quarterly report from Nvidia, putting the S&P 500 on course to revisit its February high in the same week that Brent crude settled into a tight range below $94 a barrel and the dollar slipped to a seven-week low.

Nvidia, which after Wednesday’s close reported revenue of $42.6 billion and adjusted earnings per share of $1.18 against consensus of $40.9 billion and $1.09, lifted shares 4.8 percent in extended trading. The chipmaker reiterated full-year capital plans and guided current-quarter revenue to roughly $46 billion, ahead of the Street’s $43.2 billion. The print followed solid reports earlier in the week from Microsoft, which beat on Azure growth Tuesday evening, and Apple, which delivered an in-line quarter Wednesday and announced a $110 billion buyback expansion.

S&P 500 e-mini futures were up 0.6 percent at 0700 GMT, with Nasdaq 100 futures 0.9 percent firmer. A close at those levels would carry the cash index back above 5,680, within reach of the 5,712 record set February 19 and barely two months removed from the war-driven trough of 5,365 logged March 24. The Russell 2000 has lagged but has still recovered 6.4 percent over the past three weeks.

“This is the cleanest hyperscaler tape we have seen in a year, and the moratorium overhang is essentially gone,” said John Reilly, a senior equity strategist at Citi. “Capex guidance from the four largest spenders now totals north of $215 billion for calendar 2026. Whatever investors thought they were going to lose to a federal pause, they are unwinding.”

Brent crude for June delivery traded at $93.40 a barrel in early European hours, down 30 cents on the day and effectively unchanged on the week. West Texas Intermediate held at $89.60. Both benchmarks have hovered in a band of roughly $2 since Monday, with traders attributing the calm to a combination of healthy OPEC+ supply, normalizing Strait of Hormuz traffic and an absence of further ceasefire violations.

The U.N. monitoring mission to the Strait reported a seventh consecutive uneventful 24-hour cycle in its Wednesday evening bulletin. Tanker tracking firm Kpler measured outbound laden VLCC transits at 80 in the seven days through Tuesday, against a 12-month average of 81. Lloyd’s Market Association said its war-risk listings committee, which meets Friday in London, is expected to narrow the Persian Gulf additional premium for the first time since the war began.

The Iran-Israel ceasefire, in effect since April 15, entered its 16th day Thursday. A senior State Department official, speaking on condition of anonymity, described the current security picture as “the most stable since early February,” while cautioning that the prisoner exchange completed April 18 in Doha had been “the easy part” of the Islamabad framework. Reconstruction financing talks among Gulf donors are due to resume in Marseille next week.

First-quarter U.S. gross domestic product, released Wednesday morning, came in at 1.5 percent annualized, marginally above consensus. The headline figure masked a sharp pullback in March consumer outlays, which were offset by stronger fixed investment and a smaller-than-expected drag from inventories. Economists were quick to note that the figure straddled the worst of the war shock and that the second-quarter rebuild is likely to print closer to 2 percent.

“What you have on the tape now is a market that is being told it dodged the macro bullet,” said Layla Hassan, a senior portfolio manager at Brevan Howard in London. “Earnings are coming in better than feared, the energy complex is well behaved, and the Federal Reserve is not under any pressure to do something dramatic in June. None of that lasts forever, but it is what is moving the tape right now.”

Treasuries were little changed in Asian and early European trade. The 10-year U.S. yield held at 4.19 percent, the 2-year at 3.93 percent. Fed funds futures imply a 68 percent probability of a quarter-point cut at the June 17 meeting, with a second cut by September now back to a coin flip after spending most of April below 40 percent.

The dollar index slipped 0.2 percent to 102.1, its lowest level since the second week of March, as haven flows continued to reverse. The euro pushed to $1.097, sterling held above $1.276 ahead of Thursday’s Bank of England decision, and the Japanese yen firmed to 147.80 against the dollar. Emerging-market currencies have been the larger beneficiaries: the Brazilian real, Indian rupee and Indonesian rupiah have all gained at least 1.5 percent in the past 10 sessions.

In Europe, the Stoxx 600 was indicated 0.4 percent higher at the open, with technology and luxury names leading. Markets price an 18 percent chance of a Bank of England rate cut at Thursday’s decision and a near-certainty by August.

Asian markets closed firmer overnight. Japan’s Nikkei 225 added 1.1 percent, Hong Kong’s Hang Seng rose 0.9 percent on continued mainland inflows, and South Korea’s Kospi advanced 1.4 percent on the back of Samsung Electronics after Nvidia’s commentary on high-bandwidth memory demand.

Commodities outside energy were mixed. Gold settled at $2,212 an ounce, $300 below its April 2 record. Copper added 0.6 percent on stronger Chinese purchasing-manager details, while wheat and corn drifted lower.

The day’s data calendar is light into the U.S. open. The March core PCE price index, the Fed’s preferred inflation gauge, lands at 8:30 a.m. Eastern; economists surveyed by Bloomberg expect a year-over-year reading of 2.6 percent, down a tenth from February. Personal income and spending figures accompany the inflation print. Weekly jobless claims, due at the same time, are forecast at 218,000.

OPEC+ technical staff met by videoconference Wednesday and recommended no change to current production quotas, according to two delegates speaking on condition of anonymity. The full ministerial meeting remains scheduled for June 1 in Vienna. Saudi Energy Minister Prince Abdulaziz bin Salman, asked in Riyadh whether the kingdom would consider an early rollback if Brent slipped below $90, said only that the group “monitors the market constantly and acts when conditions require it.”

Strategists at major banks continued to nudge year-end equity targets higher into the close of earnings season. Bank of America lifted its S&P 500 target to 6,100 from 5,950, citing the resilience of megacap capital plans and easing rate-cut math. Morgan Stanley reiterated 5,950. Goldman Sachs held its target at 6,000 but said the path looked smoother than two weeks ago. Officials at the International Energy Agency said the agency’s revised oil-demand outlook would be published in next week’s monthly report.