Stock markets fluctuated on Wednesday, with many investors sticking to the sidelines while awaiting clues on US interest rate moves.

Trading volumes were light overall, with the recent pullback in US tech heavyweights spurring caution after their stellar run since April.

Tuesday’s US tech sell-off was “sparked by concerns about overexcitement and overvaluations in AI stocks,” said Victoria Scholar, head of investment at Interactive Investor.

Wall Street was mixed at the open on Wednesday, with the tech-heavy Nasdaq extending the previous day’s losses as shares in AI chip-maker Nvidia, its rival Advanced Micro Devices and software provider Palantir falling further.

Paris was up while Frankfurt fell in midday deals, with European defence stocks extending losses on signs a path may be cle

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