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European markets lower; tech stocks down 2.6% following declines on Wall Street

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World Markets,FTSE MIB,CAC 40 Index

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 1.15% lower at 9:11 a.m. in London, with all sectors in the red. Technology stocks dropped 2.66% as travel stocks shed 1.9%.saw chip names come under pressure after two readings of U.S. manufacturing production implied slowing growth for the U.S. economy.

economy's doing any more than slowing its growth rate, or earnings are really falling at an index level in a meaningful way," Freddie Lait, chief investment officer at Latitude Investment Management, told CNBC's "RBC adds oil and gas stock with 25% upside to its outperforming basket of stocks "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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