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European markets open lower; tech stocks down 2.5% following declines on Wall Street

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European stocks fell sharply at the open Wednesday, following steep losses on Wall Street Tuesday and in Asia-Pacific markets overnight.

Traders work on the floor at the New York Stock Exchange in New York City, U.S., August 30, 2024.index was 1.1% lower in early deals, with all sectors in the red. Technology stocks dropped 2.5% and autos and banks both shed 1.3%., with the S&P 500 clocking its worst day since the early August global rout.saw chip names come under pressure after two readings of U.S. manufacturing production implied slowing growth for the U.S. economy.

"To me, it's much more about momentum and technicals than it is about fundamentals at the moment, and that's frankly what led the market last month in that big crash and recovery that we saw. It's not individual, long-term, fundamental investors driving these markets anymore.

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