The Dow Jones Industrial Average, S&P 500 and Nasdaq saw gains in morning trading as the odds of a Fed rate hike plunged, geopolitical unrest continued and Nvidia kept acquiring.

Here is what is driving the markets today:

The Fed's will-they-won't-they rate hike: The odds of a Fed rate hike this month are now a coin flip, according to CME FedWatch. Traders are pricing in a roughly 50% chance of a quarter-point increase, down from a 70% likelihood yesterday. The move follows today's remarks by Fed governor Christopher Waller, who suggested he would support holding rates steady at the central bank's meeting in two weeks if inflation data continue their recent progress.

Crude premiums and gold hedges: The war in Iran has pushed into its seventh month, and renewed strikes sent Brent crude higher this week. Oil prices are hovering just below $97 a barrel. In response to "increasing geopolitical unrest," the Netherlands is moving 86 metric tons of gold from North America to London to be available to its central bank "in a crisis situation."

Nvidia embracing the open source: The world's only $5 trillion company has agreed to buy Hugging Face in a deal worth roughly $13 billion. Nvidia is ramping up its efforts to develop open-weight models to counter the dominance of Chinese models and their threat to U.S. artificial-intelligence companies. Hugging Face, which was recently hacked by a rogue OpenAI model, is a platform for users to collaborate on machine-learning projects.