Stocks steadied Wednesday following heavy losses as investors awaited Nvidia earnings for further

The S&P 500 and Nasdaq rose in New York, while most European stock markets

"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 grew 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 Magnificent Seven -- also in

Chip giant Nvidia is the biggest of the bunch, last month becoming the first $5-trillion company. It will report third-quarter results after the market shuts.

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