Portugal Colonial - Stocks lose steam on AI concerns as jobs data cloud rate cut hopes

Europe's main equity indices closed higher but Wall Street slumped following a strong open. Asia's leading stock markets were mixed.

Investors cheered an earnings report released late Wednesday by AI bellwether Nvidia, which topped expectations on fierce demand for its advanced chips.

Chief executive Jensen Huang brushed off fears of an artificial intelligence bubble that has caused global equities to wobble.

Jim Reid, managing director at Deutsche Bank, said Nvidia's results had temporarily stalled some fears.

But Adam Sarhan of 50 Park Investments warned: "When you have valuations that are this high, they're not sustainable."

Shares in the chip giant -- which last month hit a $5 trillion valuation -- slipped after rallying at the start of Wall Street trading Thursday. They closed 3.2 percent down.

The upbeat earnings were offset by data showing the US jobless rate crept higher in September, even as hiring exceeded analyst expectations.

"This report is unlikely to massively shift the needle for the December Fed meeting which looks like a pause," said Joshua Mahony, chief market analyst at traders Scope Markets. He was referring to the Federal Reserve's next interest rate decision due in December.

The dollar traded mixed against its main rivals following the update.

Thursday's jobs publication marked the first official snapshot of the labor market's health in more than two months, owing to a 43-day US government shutdown that ended last week.

The report is set to deepen divisions within the Fed, with underlying job market weakness adding to the case for another rate cut -- but solid hiring potentially encouraging some officials to hold off for longer.

Oil prices ticked down, and a US Treasury official told reporters that Chinese and Indian refineries and banks were moving to comply with recently announced US sanctions on Russia's two biggest oil producers -- Lukoil and Rosneft.

China and India are key buyers of Russian oil, and the sanctions were aimed at cutting off revenues fueling war in Ukraine.

The US official, speaking on condition of anonymity, said many such institutions are conscious of these sanctions and risk averse, while recognizing the importance of relationships with the West.

- Key figures at around 2110 GMT -

New York - Dow: DOWN 0.8 percent at 45,752.26 points (close)

New York - S&P 500: DOWN 1.6 percent at 6,538.76 (close)

New York - Nasdaq Composite: DOWN 2.2 percent at 22,078.05 (close)

London - FTSE 100: UP 0.2 percent at 9,527.65 (close)

Paris - CAC 40: UP 0.3 percent at 7,981.07 (close)

Frankfurt - DAX: UP 0.5 percent at 23,278.85 (close)

Tokyo - Nikkei 225: UP 2.7 percent at 49,823.94 (close)

Hong Kong - Hang Seng Index: FLAT at 25,835.57 (close)

Shanghai - Composite: DOWN 0.4 percent at 3,931.05 (close)

Euro/dollar: DOWN at $1.1525 from $1.1526 on Wednesday

Pound/dollar: UP at $1.3070 from $1.3048

Dollar/yen: UP at 157.55 yen from 157.01 yen

Euro/pound: DOWN at 88.18 from 88.33 pence

Brent North Sea Crude: DOWN 0.2 percent at $63.38 per barrel

West Texas Intermediate: DOWN 0.6 percent at $59.14 per barrel

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V.Dantas--PC