Signage at the Broadcom Inc. headquarters in San Jose, California, June 2, 2025.
David Paul Morris | Bloomberg | Getty Images
European stocks moved higher on Friday despite investors monitoring a global sell-off in chipmaking tech names.
The pan-European Stoxx 600 index opened in negative territory before paring losses, and was last seen trading up 0.2%. London’s FTSE 100 was seen up 0.5%, while Germany’s Dax was seen flat and France’s Cac 40 rose 0.4%.
A sell-off in tech stocks gripped U.S. and Asian markets overnight, which has spread to Europe in morning trade. The Stoxx 600 technology index fell 1.8%, with semiconductor names Infineon Technology and ASML falling 6.6% and 2.9%, respectively.
The moves lower came after a downbeat earnings report from Broadcom sparked a rotation out of artificial intelligence-linked names into more defensive sectors.
Weakness was particularly pronounced in South Korea’s chip-heavy market. The Kospi was last down 4.3%, with heavyweights Samsung Electronics and SK Hynix dropping 4.3% and 7.6%, respectively.
In the U.S., the Dow Jones Industrial Average rallied to a fresh all-time high on Thursday, while the tech-heavy Nasdaq Composite underperformed.
The 30-stock Dow jumped 874.86 points, or 1.73%, for a record close of 51,561.93. The Nasdaq lost 0.09% and ended at 26,830.96, while the S&P 500 rose 0.41% to 7,584.31.
In Europe, Nokia shares finished more than 6% lower as part of the unwind in tech stocks, following several consecutive days of outsized gains for the sector.
On Thursday, President Donald Trump said that he would be “honored” to meet Ayatollah Mojtaba Khamenei, Iran’s Supreme Leader, “if it was to make a deal.” The U.S.-Iran war has dragged on into its fourth month as the conflict remains locked in a fragile ceasefire.
