On Monday, shares of European tech and semiconductor stocks were down, as worries over a possible U.S. recession after soft data gripped financial markets and triggered a rush out of this year’s top-performing stocks and into safe-haven assets.
The STOXX tech index was last down 4.1%, making it the worst performer among sectoral indices on the region-wide STOXX 600, which shed some 3%.
A report that Nvidia (NASDAQ: NVDA) could delay its AI chip also weighed on sentiment.
The tech index already lost 6% on Friday after weaker-than-expected U.S. job growth and factory data, and disappointing earnings from U.S. heavyweight Intel (NASDAQ: INTC).
Chip equipment makers slumped 12%, on top of a 13% fall on Friday. ASML (NASDAQ: ASML), the largest maker of equipment used to manufacture computer chips, was down 4%.
BE Semiconductor and STMicroelectronics (NYSE: STM) were down around 5%.
(Source: Reuters)
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