Markets are waiting '9 to 5'

And finally, we end with the sad news that country music legend Dolly Parton died on Tuesday in Nashville. She was 80.

Key developments that could influence markets on Wednesday:

• U.S. PCE data
• UK CBI distributive trades for August

A look at the day ahead in European and global markets from Ankur Banerjee.

A holding pattern in global markets has emerged as traders await earnings from Nvidia that will be a test of confidence in the AI trade while rising hopes of supplies moving through the Strait of Hormuz pushed oil prices lower in a reprieve for bond yields.

Brent crude futures LCOc1 fell for a third straight day on Wednesday, sliding more than $2 to $86.22 per barrel after Iran said it had restarted talks with neighbour Oman to manage the Strait of Hormuz amid heightened economic pressure from U.S. President Donald Trump. O/R

The rising optimism in the face of little evidence of immediate relief to supply challenges suggests investors are setting themselves up, yet again, for disappointment.

Commodity vessel transits through the Strait of Hormuz hit their lowest level in three months, underscoring the supply constraints facing the world due to the nearly six-month long conflict.

Then there's Wednesday's main event, second-quarter results from Nvidia NVDA.O, the poster child of the AI frenzy. Over the previous 12 quarters, its market value has swung by an average 7.4% following its earnings report. This time, options traders are pricing in a less manic reaction — only a $280 billion or 5.4% move in Nvidia's market value after it reports.