US stocks are experiencing a downturn ahead of key earnings results, with Nvidia set for a major test. On the other hand, General Motors raised its quarterly dividend. Meanwhile, US defence stocks fell as Trump confirmed Mexico and Canada tariffs will take effect on April 2. In commodities, oil remains at a two-month low amid rising US fuel inventories, while copper surges and iron ore extends its losing streak. European shares closed at record highs, and the ASX is set to slip on Thursday ahead of earnings reports from Coles and Qantas.

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