European tech stocks hit a six-month low on Friday, joining a global sell-off triggered by disappointing earnings from Intel. The STOXX Europe 600 technology index dropped 3.6%, while the broader STOXX 600 fell 1.3%.
Intel’s premarket shares plummeted 20% after it suspended its dividend and announced workforce cuts. This led to declines in European chipmakers like ASM International, BE Semiconductor, and ASML, which fell between 6.6% and 9.2%.
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Amazon also saw an 8% premarket drop due to slowing online sales growth.
Globally, equity markets tumbled, with the S&P 500 down 1.4%, Japan’s Nikkei falling 5.8%, and Korea’s KOSPI dropping 3.65%.