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LIVE MARKETS-Drugs bought, chips shunned: STOXX on a high

By Reuters News

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com


DRUGS BOUGHT, CHIPS SHUNNED: STOXX ON A HIGH

Concern that growth in AI infrastructure spending may be slowing, compounded by uncertainty over Nvidia's NVDA.O leadership, is turning into a tailwind for European stocks as investors rotate to markets less exposed to big tech but still delivering solid earnings growth.

The STOXX 600 .STOXX finally notched a fresh record high, rising 0.4% and extending its gains this year to more than 12%. That further widened its lead over Wall Street, where the S&P 500 .SPX remains up about 11% in 2026 and looked set for another tech-led decline at the open.

Supporting the European region-wide index were gains in healthcare stocks .SXDP, a sector investors increasingly view as a haven from turbulence in chipmakers and other AI-linked names. Their index rose as much as 1.4%, coming very close to hit a lifetime peak. Consumer stocks were also favoured, helped by the recent decline in crude oil prices.

Germany's DAX .GDAXI also broke its previous peak, rising more than 1%. In London, the FTSE 100 .FTSE added 0.2%.

Europe's technology index .SX8P was unsurprisingly a top decliner, down 1%, dragged by chip stocks. Miners .SXDP came under pressure as gold slipped on expectations of further Federal Reserve tightening and copper prices weakened.


(Danilo Masoni)

EARLIER ON LIVE MARKETS:

BEFORE THE BELL: EUROPE PUSHES TOWARD NEW RECORD CLICK HERE

JENSEN HANGS ON AS NVIDIA TUMBLES CLICK HERE

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