European tech stocks drop to six-month low amid global sell-off

European tech stocks hit six-month low amid global sell-off

European tech stocks fell to a six-month low, driven by disappointing Intel earnings and a global market sell-off. The STOXX Europe 600 technology index dropped 3.6%, impacting major chipmakers like ASM International and ASML.

European tech stocks hit six-month low amid global sell-off

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%.

 

Learn how to trade stocks with Top Forex brokers.

 

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%.

 

Subscribe for our newsletter

Get Forex brokers reviews, market insights, expert analytics and education material right into your inbox for free!

You can unsubscribe any time by clicking the link in our letters.