European Markets Stall as Tech Sell-off Counters Defense Gains

The technology sector bore the brunt of the session, sliding 1.6% and dragging down broader indices from their recent record peaks. Chipmaking giants ASML and Infineon led the downward trend, both shedding 4% of their value. Siemens Energy suffered a steeper decline, falling 5.5% after Barclays downgraded the company.

Contrasting the tech slump, defense-related stocks found support as the NATO summit commenced. Sweden’s Saab surged 5.3% following a positive outlook from Morgan Stanley analysts. Energy major Shell also bucked the trend, rising 2.2% after releasing an improved forecast for its second-quarter gas operations.