Uncertainty surrounding Iran and disruptions in the Strait of Hormuz pushed rate-cut expectations further into the background, while discussion around another Fed hike regained attention.

Japan's first-quarter GDP growth of 0.5% beat forecasts and lifted expectations for a Bank of Japan rate increase in the coming months. That outlook kept 10-year government bond yields near 2.79%, their highest level since 1996.

Wall Street looked toward Nvidia’s earnings report after a third straight session of declines. 

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