Nvidia announced a multi-year deal to supply millions of AI chips to Meta Platforms, providing some relief to Big Tech stocks. Though no dollar figure was disclosed, the arrangement signals continued AI investment as Meta plans to nearly double its AI-related spending. Nvidia's modest 1.6% share increase reflects anticipation ahead of its quarterly results next week.

Rising crude oil prices overshadowed tech gains, with crude jumping over 4% amid tensions between U.S.-Iran and Ukraine-Russia talks. Blue Owl Capital is selling $1.4 billion in assets from three credit funds to return capital and pay down debt, highlighting growing concerns about sector debt loads. S&P 500 futures fell back into negative territory ahead of Thursday's market open.

U.S. Treasury yields climbed higher as oil prices surged, with Fed minutes showing resistance to further easing. The dollar slipped but held above recent lows. Investors will watch Walmart earnings, weekly jobless claims, and the Philadelphia Fed's business surveys. Rare earth prices have also surged, potentially reducing U.S. government subsidies for producers like MP Materials.