European stocks inched higher on Wednesday to halt the selloff from the four prior sessions as markets continued to assess the outlook of the Fed's monetary policy and gauge fair values for the highly-speculative tech sector. The Eurozone's STOXX 50 rose 0.3% to 5,552 and the pan-European STOXX 600 inched above the flatline to 563.
Investor sentiment, however, remained subdued as concerns over overvaluation in AI and tech stocks persisted, with Nvidia set to report quarterly results after the North American closing bell. Companies with exposure to AI were mixed ahead of the major event, with ASML adding 2.5% while Infineon dropped slightly.
In the meantime, Nokia sank 7% after it split its AI business into a separate unit following Nvidia's $1 billion investment. Among other sectors, pharmaceutical giants were mostly higher, with Roche, AstraZeneca, and Novo Nordisk closing higher.
Source: Trading Economi
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