Following Nvidia's underwhelming estimate, tech stocks decline and European equities dwindle

Europe’s major stock index saw a slight decline on Thursday, with market sentiment remaining subdued as geopolitical tensions fueled safe-haven demand. The chip sector experienced the most significant losses after Nvidia (NASDAQ), a key player in the industry, issued a disappointing revenue forecast.

The pan-European STOXX 600 index fell by 0.1% by 0820 GMT, marking its fifth consecutive session of losses. Investors were concerned about the ongoing Ukraine-Russia conflict and the potential impact of a Donald Trump U.S. Presidential victory on domestic markets.

Safe-haven assets, such as gold and the Swiss franc, gained in value, while the U.S. dollar remained subdued amid anticipation surrounding Trump’s proposed policies and expectations of fewer U.S. interest rate cuts.

Chipmakers ASML (AS), Infineon (OTC), and ASM International (AS) saw declines following Nvidia’s forecast of its slowest revenue growth in seven quarters. However, Soitec (EPA) saw a 14% increase after strong half-year results, providing some relief to the tech sector.

Personal and household goods, retail, and automotive sectors were the worst performers, with declines ranging from 0.8% to 1.0%. CTS Eventim (NYSE) dropped 8% following its nine-month results, while JD Sports Fashion (LON) fell 13% after the sportswear retailer lowered its annual profit forecast.

On a positive note, Halma (LON) gained 9% after reporting strong half-year results for its health and safety device business.

Paraphrasing text from "Reuters" all rights reserved by the original author.