economy
Global tech sell-off spreads to Europe as chip shares fall
A sell-off in tech stocks gripped U.S. and Asian markets overnight after an earnings report from Broadcom earlier in the week.
TL;DR
- The pan-European Stoxx 600 index fell by 0.3%.
- U.K.'s FTSE 100 rose by almost 0.1%, while Paris, Frankfurt, and Milan closed lower.
- The Stoxx 600 technology index dropped by 2.8%, with Infineon Technology down 9.1% and ASML down 2.4%.
- Nokia shares closed 5.9% lower.
- A downbeat earnings report from Broadcom influenced the rotation out of AI-linked names.
- South Korea's Kospi index fell 5.5%, with Samsung Electronics and SK Hynix down 6.4% and 9.9%, respectively.
- In the U.S., the Dow Jones Industrial Average was down 0.7%, Nasdaq Composite shed 2.6%, and S&P 500 slipped 1.6%.
- U.S. labor data showed nonfarm payrolls rose 172,000 in May, exceeding estimates, and the unemployment rate held at 4.3%.