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Jan. 21, 2022, 10:23 a.m. EST

European stocks tumble, led by tech stocks, renewables after Wall Street rout

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By Barbara Kollmeyer

European stocks fell sharply on Friday led by technology, which followed a late-session selloff in U.S. markets. Profit warnings in the renewables sector sent the shares of two Siemens subsidiaries tumbling.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +1.22% fell close to 2% to 473.75, following a 0.5% gain on Thursday. The index is poised for a nearly 1% drop this week. The German DAX /zigman2/quotes/210597999/delayed DX:DAX +1.59% tumbled 2.2%, with the CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +1.30% down 2% and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.72% 1.3% lower.

U.S. stock indexes surrendered an early rebound to turn lower in Thursday’s final hour of trading , a repeat of Wednesday’s volatile session. The worst losses were seen for the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +2.76% , which fell 1.3%, pushing it further into correction territory.

Stocks have struggled at the start of the year amid a selloff in bonds as investors look ahead to tighter policy from Federal Reserve. The yield on the 10-year /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -0.14% fell 5 basis points to 1.75%, while the yield on the German 10-year bund /zigman2/quotes/211347112/realtime BX:TMBMKDE-10Y +12.09% , which pushed into positive territory for the first time in three years this week, slipped 5 basis points to negative 0.07%.

A bumpy start to earnings season has also added to the gloom, with Netflix /zigman2/quotes/202353025/composite NFLX +2.17% shares dropping 20% on Friday, after the streaming giant’s subscriber number outlook fell far short of expectations . U.S. stocks /zigman2/quotes/210598065/realtime DJIA +1.34% /zigman2/quotes/210598365/realtime COMP +2.76% /zigman2/quotes/210599714/realtime SPX +2.02% opened mixed.

No Europe sectors were in the green, while financials and technology sectors led. Heavily weighted ASML Holding /zigman2/quotes/210293876/composite ASML +4.99% /zigman2/quotes/206208657/delayed NL:ASML +3.12% dropped 3%, and ams /zigman2/quotes/204183137/delayed AT:AMS 0.00% shares fell 3%, while business software group SAP /zigman2/quotes/202053813/delayed XE:SAP +0.75% was down 1.2%.

Energy names were under pressure as a risk-off mood hit oil prices /zigman2/quotes/209723049/delayed CL00 +0.85% , and BP /zigman2/quotes/202286639/delayed UK:BP +0.69% /zigman2/quotes/207305210/composite BP +1.48% and Royal Dutch Shell shares fell more than 2% each.

The renewables sector was suffering severe losses, after Siemens Gamesa Renewable Energy /zigman2/quotes/205820667/delayed ES:SGRE +5.45% late Thursday cut its guidance for the fiscal year , swinging to an operating loss in the first quarter on continued supply-chain woes. Shares slumped 13%.

The warning from its Spanish subsidiary prompted Siemens Energy /zigman2/quotes/221435471/delayed XE:ENR +1.42% to lower its targets for fiscal 2022 , and shares tumbled 16%. Those of rival Vestas Wind Systems /zigman2/quotes/205019303/delayed DK:VWS +2.06% dropped 6%.

Elsewhere, shares of Airbus /zigman2/quotes/208224336/delayed FR:AIR +2.31% dropped 1.5%, after the multinational aerospace corporation canceled a plane order from state-owned carrier Qatar as the two companies have been in dispute for months over surface degradation on A350 jets.

/zigman2/quotes/210599654/delayed
XX : STOXX
438.97
+5.30 +1.22%
Volume: 0.00
May 17, 2022 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
14,185.94
+221.56 +1.59%
Volume: 71,183
May 17, 2022 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,430.19
+82.42 +1.30%
Volume: 86,952
May 17, 2022 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,518.35
+53.55 +0.72%
Volume: 695,741
May 17, 2022 4:59p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
11,984.52
+321.73 +2.76%
Volume: 4.44M
May 17, 2022 5:16p
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
2.97
-0.0041 -0.14%
Volume: 0.00
May 18, 2022 12:32a
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/zigman2/quotes/211347112/realtime
add Add to watchlist BX:TMBMKDE-10Y
BX : Tullett Prebon
1.05
+0.11 +12.09%
Volume: 0.00
May 17, 2022 6:01p
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/zigman2/quotes/202353025/composite
US : U.S.: Nasdaq
$ 190.56
+4.05 +2.17%
Volume: 9.88M
May 17, 2022 4:00p
P/E Ratio
17.30
Dividend Yield
N/A
Market Cap
$82.86 billion
Rev. per Employee
$2.69M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
32,654.59
+431.17 +1.34%
Volume: 389.31M
May 17, 2022 4:54p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
11,984.52
+321.73 +2.76%
Volume: 4.44M
May 17, 2022 5:16p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,088.85
+80.84 +2.02%
Volume: 2.46B
May 17, 2022 4:54p
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/zigman2/quotes/210293876/composite
US : U.S.: Nasdaq
$ 561.63
+26.68 +4.99%
Volume: 895,821
May 17, 2022 4:00p
P/E Ratio
37.43
Dividend Yield
0.91%
Market Cap
$215.19 billion
Rev. per Employee
$692,828
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/zigman2/quotes/206208657/delayed
NL : Netherlands: Euronext Amsterdam
528.60
+16.00 +3.12%
Volume: 594,819
May 17, 2022 5:37p
P/E Ratio
41.01
Dividend Yield
1.04%
Market Cap
€206.83 billion
Rev. per Employee
€595,476
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/zigman2/quotes/204183137/delayed
AT : Austria: Vienna
11.10
0.00 0.00%
Volume: 5,894
May 17, 2022 5:32p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€2.76 billion
Rev. per Employee
€204,172
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/zigman2/quotes/202053813/delayed
XE : Germany: Xetra
93.94
+0.70 +0.75%
Volume: 1.90M
May 17, 2022 6:30p
P/E Ratio
22.33
Dividend Yield
2.08%
Market Cap
€109.99 billion
Rev. per Employee
€265,996
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/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 113.35
+0.95 +0.85%
Volume: 5,810
May 18, 2022 12:23a
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/zigman2/quotes/202286639/delayed
UK : U.K.: London
421.25 p
+2.90 +0.69%
Volume: 38.55M
May 17, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
4.16%
Market Cap
£80.90 billion
Rev. per Employee
£1.92M
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/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 31.48
+0.46 +1.48%
Volume: 10.71M
May 17, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
4.10%
Market Cap
$99.12 billion
Rev. per Employee
$2.62M
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/zigman2/quotes/205820667/delayed
ES : Spain: Madrid
14.13
+0.73 +5.45%
Volume: 2.44M
May 17, 2022 5:38p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€9.11 billion
Rev. per Employee
€365,630
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/zigman2/quotes/221435471/delayed
XE : Germany: Xetra
16.80
+0.24 +1.42%
Volume: 1.85M
May 17, 2022 6:30p
P/E Ratio
N/A
Dividend Yield
0.60%
Market Cap
€11.84 billion
Rev. per Employee
€309,587
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/zigman2/quotes/205019303/delayed
DK : Denmark: OMX
kr. 152.66
+3.08 +2.06%
Volume: 2.46M
May 17, 2022 4:59p
P/E Ratio
N/A
Dividend Yield
0.24%
Market Cap
kr.150.91 billion
Rev. per Employee
kr.4.07M
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/zigman2/quotes/208224336/delayed
FR : France: Euronext Paris
108.28
+2.44 +2.31%
Volume: 1.09M
May 17, 2022 5:36p
P/E Ratio
16.79
Dividend Yield
1.39%
Market Cap
€83.17 billion
Rev. per Employee
€424,436
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