Stock markets fluctuated Wednesday as investors braced for a key earnings update from AI giant Nvidia, whose robust growth has largely driven strong gains for tech stocks in recent months.

The tech-heavy Nasdaq index and the broader S&P 500 edged slightly higher after soft openings, ahead of the second-quarter results from Nvidia due out after Wall Street closes.

"The company has outgrown the tech sector and become the market's lodestar," said Stephen Innes of SPI Asset Management.

"Analysts expect revenue to soar 53 percent to $46 billion, but this is about more than revenue beats," he added. "The crowd wants reassurance that the AI revolution isn't just smoke and mirrors."

In Europe, the Paris stock market bucked the downward trend by rebounding from Tuesday's tumble, caused by fears

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