Stocks steadied Wednesday following heavy losses as investors awaited Nvidia earnings for further clues about whether AI-fuelled valuations are justified.

The S&P 500 and Nasdaq rose in New York, while most European stock markets closed marginally lower. Oil prices slumped, while Bitcoin held around $90,000 after a six-week slide and the dollar strengthened.

"The selling pressure had moderated from Monday (but) investors were unwilling to add to their overall exposure ahead of tonight's earnings update from chip giant Nvidia," said David Morrison, senior market analyst at Trade Nation.

Investors have endured a tough November as speculation has grown that the tech-led rally this year may have gone too far, and valuations have become frothy enough to warrant a stiff correction.

With the

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