The Australian sharemarket stayed on edge after Tuesday’s $60 billion sell-off as US stocks suffered another jarring session overnight, with the S&P 500 index posting its longest slide since August amid fears share prices shot too high in the artificial-intelligence frenzy.

The S&P/ASX 200 dropped another 21.2 points, or 0.25 per cent, to 8447.90 amid a slower pace of trading as investors await the earnings of AI giant Nvidia on Thursday morning, viewed as a bellwether for if the market got carried away in its expectations for the technology.

While the tech sector bounced up and down and mining and property stocks finished higher, banks extended their declines. The Australian dollar was down 0.3 per cent at US64.86¢ at 4.51pm AEDT.

Wall Street is waiting on Nvidia’s results on Thursda

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