Key facts
- European stock markets are expected to open lower on Wednesday.
- Global markets experienced a significant sell-off driven by tech stocks on Tuesday.
- The FTSE 100 saw a minor decline, while other European indices experienced larger drops.
- US tech stocks, including Alphabet, Micron, and Seagate, recorded notable losses.
- President Donald Trump publicly criticized major oil companies for not lowering gasoline prices.
European stock markets are expected to continue their decline on Wednesday, following a broad sell-off in global equities driven by a significant downturn in the technology sector. The FTSE 100 in London closed Tuesday down by a modest 0.1%, outperforming larger losses seen in continental European markets such as Germany's Dax (down 1%), France's CAC 40 (down 0.7%), and Amsterdam's AEX (down 1.6%).
Wall Street experienced a substantial tech-led sell-off, with the Nasdaq composite index falling 2.2%. Major technology companies saw significant drops, including Alphabet, which was down 0.7%, memory chip maker Micron, which fell over 13%, and components manufacturer Seagate Technology, down 5%. This broad market weakness occurred despite positive developments in talks between the US and Iran, with Vice President JD Vance indicating "good foundations" for a peace deal. Oil prices also continued to fall, with Brent crude slipping below $77 per barrel.
President Donald Trump publicly criticized major oil companies, accusing them of "not dropping their price at the pump" and "gouging" customers. Meanwhile, SpaceX, which had been cited as a factor in the sell-off due to its bond sale, finished Tuesday up 1%. The broader S&P 500 index closed down 1.4%, while the Dow Jones remained largely flat.