European Stocks Close Slightly Higher; Tech Shares Drag Despite Easing Middle East Tensions

Price ActionCommodity
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Summary · why it matters

European stock markets closed only slightly higher on Monday, with the STOXX 600 index edging up 0.02% to 644.62 points, as falling technology stocks capped market gains despite easing tensions in the Middle East and a sharp drop in oil prices. Energy stocks fell 2%, making them the worst-performing sector in the STOXX 600, after West Texas Intermediate crude for September delivery dropped 7.5% to settle at 82.61 dollars a barrel and Brent crude fell 8.7% to 88.36 dollars a barrel, amid hopes for peace talks between the United States and Iran. The European technology index declined 1.7%, led by ASML, which tumbled 8.4% following reports that China has begun producing domestically developed deep ultraviolet chipmaking equipment, a technology long dominated by ASML. ASM International dropped 7.1% and BE Semiconductor plunged 9.7%. Investors are watching earnings reports from major US technology companies this week and the Federal Reserve's monetary policy meeting, with the CME Group's FedWatch Tool indicating a 62% probability that the Fed will hold interest rates at 3.50% to 3.75% at its July 28-29 meeting.

Impact on stocks 3

Semiconductors▼ · 3 stocks
ASML Holding N.V.
ASML
▼ NegativeCompetitionrelevance

ASML tumbled 8.4% after reports that China has begun producing domestically developed deep ultraviolet chipmaking equipment, challenging ASML's dominance.

ASM International NV
ASM
▼ NegativeCompetitionrelevance

ASM International dropped 7.1% as China's domestic chipmaking equipment development threatens the sector.

BE Semiconductor Industries NV
BESI
▼ NegativeCompetitionrelevance

BE Semiconductor plunged 9.7% amid the broader tech sell-off driven by China's chipmaking equipment development.

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