LONDON — European stocks are expected to open lower Tuesday, following souring U.S. market sentiment at the start of the week.
The U.K.’s FTSE index is seen opening 16 points lower at 8,284, Germany’s DAX 130 points lower at 18,207, France’s CAC 40 down 32 points at 7,678 and Italy’s FTSE MIB down 55 points at 33,982, according to data from IG.
Global markets have turned lower after investors stateside sold off U.S. Big Tech stocks on Monday in favor of sectors such as banking and energy.
Tech darling Nvidia dropped 6.7% on Monday and was one of the biggest contributors to the Nasdaq’s losses. Information technology was the S&P 500′s worst-performing sector, down more than 2%.
Asia-Pacific markets mostly rose overnight, with traders assessing South Korea’s consumer sentiment index for June, as well as Japan’s service sector producer prices.
In Europe Tuesday, there are no major earnings. Spanish gross domestic product data will be the main major economic release.