New Zealand shares ended flat with a positive bias on Wednesday as investors digested fears of stretched valuations and a potential bubble.

The S&P/NZX 50 Index was little changed to close at 13,620.98.

On Wall Street, the S&P 500 lost 1.2%, while the Nasdaq Composite fell 2%, and the Dow Jones finished 0.5% lower.

Investor Michael Burry, famed for his profitable wager against the US housing market in 2008, has taken bearish positions on Nvidia and Palantir, according to a regulatory filing released Monday.

Nvidia fell 3.9%, Oracle lost 3.9%, and Advanced Micro Devices decreased 3.5% in Tuesday's Wall Street trading session.

The CEOs of Wall Street giants Morgan Stanley and Goldman Sachs on Tuesday warned that equity markets may be approaching a potential pullback, highlighting mounting worries over elevated valuations, Reuters reported Tuesday.

"We should welcome the possibility that there would be drawdowns, 10% to 15%, that are not driven by some sort of macro cliff effect," Morgan Stanley CEO Ted Pick said, as quoted by Reuters.

In domestic news, the ANZ World Commodity Price Index fell 0.3% month-over-month in October, according to a report from ANZ Research.

Further, financial stability risks remain higher than in recent years amid cracks in global trade and finance, posing a hurdle for New Zealand's small open economy, Reserve Bank Governor Christian Hawkesby said.

Meanwhile, New Zealand's unemployment rate rose to 5.3% in the September quarter from 5.2% in the June quarter, data from StatsNZ showed.

Also, a total of 39,508 metric tonnes (MT) of products were sold during the Global Dairy Trade (GDT) auction held Tuesday, with supply ranging from 35,875 to 43,190 MT, according to data from the trading platform.

In corporate news, Eroad (NZE:ERD, ASX:ERD) received notice that UBS Group and its affiliated entities became substantial holders of the fleet management provider on Oct. 31.

Chorus (NZE:CNU, ASX:CNU) said it expects to retire copper and transition to an all-fiber business, with 80% of new homes activating fiber by fiscal year 2030.