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Shares dip after recent jump

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Nvidia ( NVDA ) reports second quarter revenue in-line with

estimates

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U.S. Treasuries auction shows strong foreign demand

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Dollar inches higher

By Chibuike Oguh

NEW YORK, May 28 (Reuters) - Global shares edged lower

on Wednesday, snapping two straight sessions of gains, with

investors weighing Nvidia's ( NVDA ) results, while oil prices

rose amid supply concerns as OPEC+ left production unchanged and

as U.S. authorities barred Chevron ( CVX ) from exporting

Venezuelan crude.

Market sentiment had been lifted by easing of trade tensions

between the U.S. and Europe, after President Donald Trump

delayed plans to impose 50% tariffs on European goods. Trump

said on Tuesday that the European Union's move to set up trade

meetings was positive.

Nvidia ( NVDA ) reported sales that were ahead of analyst

estimates but second-quarter revenue forecasts were slightly

below Wall Street expectations, as the chipmaker faces tighter

U.S. curbs on exports of its AI chips to China.

The semiconductor maker was the last of the "Magnificent 7"

tech companies to report earnings this season. Its shares

finished down 0.5% in regular hours but were up 3% in extended

trading.

On Wall Street, all three indexes finished lower, led by

utilities, energy, and materials stocks.

The Dow Jones Industrial Average fell 0.58% to

42,098.70, the S&P 500 fell 0.56% to 5,888.55 and the

Nasdaq Composite fell 0.51% to 19,100.94.

Europe's STOXX 600 finished down 0.61%, after

having risen over the last two days on the back of Trump's EU

tariff pause. Britain's FTSE fell 0.59%. MSCI's gauge of

stocks across the globe fell 0.54% to 876.37.

"This is part of the price discovery process," said Bill

Strazzullo, chief markets strategist at Bell Curve Trading in

Boston. "I think we are going to be in a range for the next

couple of months because there's still a lot of uncertainty

because we still don't know how the whole tariff thing is going

to play out and how that's going to impact inflation, the

economy and how the Fed is going to respond."

OPEC+, the Organization of the Petroleum Exporting Countries

and allies, did not change output policy. It agreed to establish

a mechanism for setting baselines for its 2027 oil production.

The Trump administration issued a new authorization for

Chevron ( CVX ) that would let it keep assets in Venezuela but

not export oil or expand activities, Reuters reported on

Tuesday, citing sources.

Brent crude futures settled up 1.26% to $64.90 a

barrel, while U.S. West Texas Intermediate crude gained

1.56% to stand at $61.84 a barrel.

Federal Reserve officials at their last meeting acknowledged

they could face "difficult tradeoffs" in coming months in the

form of rising inflation alongside rising unemployment,

according to newly released minutes of their last meeting

earlier this month.

U.S. Treasury yields were higher on the session, with the

yield on benchmark U.S. 10-year notes up 3.9 basis

points to 4.473% and the 30-year bond yield gaining

2.8 basis points to 4.9676%. An auction of $70 billion in U.S.

five-year Treasuries, which cleared at 4.071%, showed healthy

foreign demand.

The U.S. dollar gained against peers including the euro and

yen amid optimism about possible trade deals and following soft

demand for Japanese 40-year bonds.

The dollar strengthened 0.35% to 144.82 against the Japanese

yen, but was flat at 0.827 against the Swiss franc

. The euro down 0.32% at $1.1292.

Gold prices fell. Spot gold fell 0.18% to $3,293.66

an ounce. U.S. gold futures settled 0.2% lower at

$3,294.90.