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2026-11-06 02:04:27
European stocks reversed their earlier gains, with weakness in both the technology and defense sectors dragging down the overall market after hitting record highs. The technology sector moved in tandem with US chipmakers, with the Stoxx Europe 600 index ultimately closing down 0.4%, after rising as much as 0.8% intraday before erasing all gains. Technology stocks were a major drag on the benchmark index, with ASML Holdings shares falling 6.5%, while the Nasdaq 100 index saw a maximum intraday drop of 6.4%. Market concerns that a Democratic victory in Congress could hinder the adoption of artificial intelligence have led many investors to actively reduce their exposure to this sector. The UBS European Semiconductor Stock Basket Index fell 8.6%, hitting its lowest level since April. Defense stocks also put downward pressure on the benchmark index, triggered by Rheinmetall's weaker-than-expected earnings outlook. The German defense giant lowered its 2026 sales target for the second time on Thursday, citing delays in the Boxer armored vehicle project. Following the announcement, the company's shares fell as much as 18% intraday.
