Portugal Colonial - US stocks rise, focus on Nvidia

Oil prices rose ahead of an OPEC+ meeting, and the dollar ticked up against major currencies.

Investors were watching carefully to see how US chipmaker Nvidia -- a bellwether for tech stocks -- was faring, between US semiconductor export restrictions to China and surging demand by AI development.

Nvidia shares were down at opening trade on Wednesday -- after being strongly pushed up on Tuesday in advance of the company's earnings report. The tech-heavy Nasdaq was up 0.3 percent.

"This is expected to be another quarter of monster revenue for Nvidia, however it may lead to the familiar question, can these results continue?" asked Kathleen Brooks, research director at XTB.

European shares, though, were in the red in mid-afternoon trading, echoing a sell-off in Asia.

Analysts said it appeared the steam had gone out of a rally over the previous two days triggered by President Donald Trump announcing a pause in 50-percent tariffs on the EU.

Investors have learned to take Trump's tariff threats in their stride, knowing now that they are usually paused or rolled back before they took effect.

"The market no longer takes Trump at his word when he delivers swathing tariff hikes seemingly at random," said Brooks.

David Morrison, senior market analyst at Trade Nation, said: "It looks as if investors are looking past tariffs, assuming that all will be for the best, in the best of all worlds. This Panglossian view could be severely tested, and a US-EU deal could prove hard to achieve."

The Japanese yen slid after an auction of 40-year Japanese government bonds was met with the worst take-up since July.

The rising cost of government debt in Japan and the United States has been an underlying cause of concern over recent weeks.

Some analysts said US debt -- much of which is held by Japan and China -- was undergoing a fundamental shift in perception, and the dollar's rise on Wednesday masked a broader slide in its value.

"It's the creeping realisation that US assets no longer provide the same refuge" as they used to, said Stephen Innes of SPI Asset Management. "Dollar strength is no longer reflexive -- it's contested."

In Europe, auto giant Stellantis, which makes Jeep, Peugeot, Chrysler and Fiat vehicles, named a new CEO -- its North America chief Antonio Filosa -- to succeed Carlos Tavares, who was sacked in December.

"To give him full authority and ensure an efficient transition, the Board has granted him CEO powers effective June 23," the company said.

A Financial Times report that European Central Bank President Christine Lagarde had discussed leaving her post early to take the helm of the World Economic Forum had little impact on the euro.

"It is trading in a relatively tight range, suggesting that reports Christine Lagarde may not fulfill her full term at the ECB is not having an impact on European markets," said XTB's Brooks.

- Key figures at around 1335 GMT -

New York - Dow: UP 0.2 percent at 42,505.22 points

New York - S&P 500: UP 0.2 percent at 5,931.22

New York - Nasdaq Composite: UP 0.3 percent at 19,248.13

London - FTSE 100: DOWN 0.1 percent at 8,767.41

Paris - CAC 40: UNCHANGED at 7,824.29

Frankfurt - DAX: DOWN 0.3 percent at 24,148.44

Tokyo - Nikkei 225: FLAT at 37,722.40 (close)

Hong Kong - Hang Seng Index: DOWN 0.5 percent at 23,258.31 (close)

Shanghai - Composite: FLAT at 3,339.93 (close)

Euro/dollar: DOWN at $1.1314 from $1.1329 on Tuesday

Pound/dollar: DOWN at $1.3477 from $1.3504

Dollar/yen: UP at 144.74 yen from 144.34 yen

Euro/pound: UP at 83.96 pence from 83.88 pence

Brent North Sea Crude: UP 1.3 percent at $64.37 per barrel

West Texas Intermediate: UP 1.5 percent at $61.81 per barrel

A.P.Maia--PC