At the close of yesterday, the US benchmark stock indices finished mixed. The S&P 500 fell 0.21%, while the Nasdaq 100 gained 0.01%. The Dow Jones Industrial Average lost 0.07%.

Stocks rose, and oil remained below $90 a barrel after a report about a proposed release of oil reserves to ease energy price pressure boosted market confidence following recent volatility across markets. The MSCI Asia Pacific index climbed 1.5%, marking a second straight day of gains, after the Wall Street Journal reported that the International Energy Agency had proposed its largest-ever oil release. However, the drop in energy prices stalled after Iran said it would mine the Strait of Hormuz.

Tech stocks, seen as less exposed to the Middle East war, jumped sharply. Broader support was visible in Oracle Corp. shares, which surged about 8% in after-hours trading on stronger-than-expected revenue.

"Markets remain cautious about developments in the Middle East," said Australia & New Zealand Banking Group. "So any news of strategic stock releases, whether from the IEA, the US or G7 countries, provides some short-term relief for oil markets."

It appears the initial oil shock has already been priced in, and the base case for oil prices is downward, as international intervention has not gone unnoticed. However, if shipments through the Strait of Hormuz do not quickly return to pre-conflict levels, energy prices are likely to remain elevated and could resume rising.

Elsewhere, gold continued the rally that began in the previous session and traded above $5,200 an ounce. Treasury yields rose to 4.14% on Wednesday.

Technical outlook for S&P 500

The main task for buyers today is to overcome the nearest resistance at 6,801. Doing so would signal upside momentum and open the way to a push toward 6,819. Another priority for bulls is holding above 6,837, which would strengthen buyers' positions. On the downside, amid a decline in risk appetite, buyers must defend the 6,784 area. A break below that level would quickly push the instrument back to 6,769 and open the path to 6,756.