Milan Stock Exchange Navigates Nvidia Impact and Global Market Trends

Milan’s stock exchange demonstrated resilience in late February and early March 2026, navigating a complex landscape influenced by Nvidia’s performance, fluctuating oil prices, and broader global market sentiment. Despite Nvidia’s stock fluctuations, the FTSE MIB has shown periods of growth, reaching levels not seen since November 2000, while other European markets also experienced positive movement.

European Markets Resist Nvidia’s Downturn

European stock exchanges largely resisted the downward trend of Nvidia, even after the technology giant released its financial reports. The market continues to exhibit a mix of enthusiasm and caution regarding the long-term sustainability of the artificial intelligence (AI) sector. Despite exceeding expectations in revenue and earnings growth, and providing assurances regarding demand, investors are questioning the future return on investment in AI technologies.

Milan’s FTSE MIB Reaches Multi-Year High

Milan’s FTSE Mib closed at +0.54% on February 26, 2026, reaching 46,425 points, the highest level since November 2000. Paris’s CAC and London’s FTSE 100 also saw gains, increasing by 0.7% to 8,619 points and 0.44% to 10,854 points, respectively. Frankfurt’s DAX also performed well with a 0.4% increase. Amsterdam’s AEX, however, experienced a decline of 0.73%, impacted by weakness in tech stocks.

Wall Street’s Mixed Performance

In contrast to European markets, Wall Street closed with mixed results. The Dow Jones Industrial Average rose slightly by 0.04%, while the Nasdaq Composite experienced a more significant decline of 1.18%, closing at 22,878.

Sector Highlights

• Fashion and Banks Lead Gains: Purchases of fashion stocks and banks supported the initial gains in Milan, with Moncler (+3.3%), Cucinelli (+2.7%), Prysmian (+2.5%), BPM (+2%), and Mediobanca (+1.8%) leading the way.
• Technology Sector Supported by Nvidia: Nvidia’s optimistic forecasts regarding sales in China provided a boost to the technology sector, with STM (+1.7%), Saipem (+1.6%), Buzzi (+1.5%), MPS (+1.6%), Bper (+1.5%), and Popolare di Sondrio (+1.5%) also performing well.
• Utilities and Oil Lag: Utilities and oil companies faced headwinds due to falling crude oil prices, with Eni (-1.3%), Enel (-1.2%), and Hera (-1.1%) experiencing declines.
• Individual Stock Movements: De Nora collapsed after its earnings report (-8.2%), and Acea fell (-7.2%) following a 4% share placement by Suez.

Recent Market Trends

Prior to the late February rally, Milan’s stock exchange had experienced a period of subdued performance, marking five consecutive sessions of declines in November 2025. This caution was largely attributed to anticipation of Nvidia’s quarterly results and broader concerns about valuations within the AI sector.

Looking Ahead

The Milan stock exchange, along with other European markets, will continue to be closely watched as investors assess the long-term prospects of the AI sector and navigate ongoing geopolitical and economic uncertainties. The performance of key companies like Nvidia and Eni will remain central to market sentiment.