NEW YORK, May 28 (Reuters) - Global shares were lower on Wednesday, poised to snap two straight sessions of gains, with markets bracing for Nvidia's (NVDA.O), results while oil prices rose amid supply concerns after U.S. authorities barred Chevron (CVX.N), 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 the European Union's move to set up trade meetings was positive.
Investor attention is now focused on Nvidia's earnings, which are due after markets close. The chipmaker is the last of the "Magnificent 7" tech companies to report earnings this season.
On Wall Street, all three indexes were trading lower led by utilities, energy, materials and real estate stocks. Nvidia's shares were flat.
The Dow Jones Industrial Average (.DJI), fell 0.15% to 42,279.69, the S&P 500 (.SPX), fell 0.16% to 5,911.92 and the Nasdaq Composite (.IXIC), fell 0.15% to 19,171.32.
Europe's STOXX 600 (.STOXX), was down 0.53%, having risen over the last two days on the back of Trump's EU tariff pause. Britain's FTSE (.FTSE), fell 0.47%. MSCI's gauge of stocks across the globe (.MIWD00000PUS), fell 0.24% to 879.01.
"There is renewed confidence that Nvidia can beat the consensus estimates," said Chris Weston, head of research at Pepperstone.
If Nvidia comes through with better-than-expected sales and profit margins, "the rally is on," Weston added.
The Trump administration issued a new authorisation for Chevron (CVX.N), that would let it keep assets in Venezuela but not export oil or expand activities, Reuters reported on Tuesday, citing sources.
Brent crude futures rose 1.11%, to $64.80 a barrel, while U.S. West Texas Intermediate crude gained 1.36% to stand at $61.72 a barrel.
U.S. Treasury yields were higher on the session, with the yield on benchmark U.S. 10-year notes up 4.9 basis points to 4.483% and the 30-year bond yield gaining 5.2 basis points to 4.9924%. Lacklustre demand for long-term Japanese bonds had weighed on trading overnight.
The U.S. dollar gained against peers including the euro and yen amid optimism about possible trade deals and following the soft demand for Japanese 40-year bonds.
The dollar strengthened 0.21% to 144.62 against the Japanese yen , but it weakened 0.25% to 0.825 against the Swiss franc . The euro down 0.1% at $1.1315.
Gold prices rose as traders sought bargains following the previous session's declines. Spot gold fell 0.1% to $3,297.10 an ounce.
Reporting by Chibuike Oguh in New York, Samuel Indyk in London and Rocky Swift in Tokyo; editing by Sophie Walker and Nick Zieminski
