U.S. stocks saw modest gains in early trading on Wednesday, with the S&P 500 rising 0.3%. Oil prices declined as traders awaited the release of the Federal Reserve's meeting minutes and NVIDIA's first-quarter earnings report.

The Dow Jones Industrial Average increased by 106.62 points, or 0.22%, to 49,470.50. The Nasdaq Composite advanced by 105.82 points, or 0.41%, to 25,976.53. The S&P 500 climbed 25.10 points, or 0.34%, to 7,378.71.

In early Wednesday trading, West Texas Intermediate crude futures fell 1%, trading above $102 per barrel. Brent crude futures declined 2%, trading around $109 per barrel.

Investor focus is shifting to NVIDIA, which is scheduled to report its first-quarter earnings after the U.S. market closes on Wednesday. This report is viewed as a critical indicator for the artificial intelligence trade and will provide the latest insights into chip demand.

Ben Snider, Chief U.S. Equity Strategist at Goldman Sachs, noted that the chipmaker and AI favorite has contributed approximately 20% to the S&P 500's year-to-date gains and a similar proportion to the index's projected earnings growth through 2026.

"Consequently, the data from NVIDIA's report is crucial. More broadly, the entire Wall Street community—indeed, investors across asset classes—see NVIDIA as a signal for the direction of AI infrastructure development, and we will be watching closely," Snider stated.

Traders are also anticipating the release of the Federal Reserve's April meeting minutes, scheduled for 2 p.m. Eastern Time on Wednesday.

On Tuesday, rising bond yields pressured the stock market, leading both the S&P 500 and Nasdaq Composite to post their third consecutive day of declines. The yield on the 30-year U.S. Treasury note briefly surpassed 5.19%, reaching its highest level in nearly 19 years.

The 10-year U.S. Treasury yield touched 4.687%, its highest point since January 2025. Yields have surged in recent days following a series of economic reports suggesting inflation may be re-accelerating, coupled with lingering uncertainty over the U.S.-Iran conflict and its potential impact on oil prices.

However, yields retreated slightly in early Wednesday trading, with the 10-year Treasury yield falling by 3 basis points.