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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 +0.63% 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 +0.63% tumbled 2.2%, with the CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.73% down 2% and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.51% 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 +1.51% , 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 -0.0036% fell 5 basis points to 1.75%, while the yield on the German 10-year bund /zigman2/quotes/211347112/realtime BX:TMBMKDE-10Y -1.36% , 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 +4.15% 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 +0.60% /zigman2/quotes/210598365/realtime COMP +1.51% /zigman2/quotes/210599714/realtime SPX +0.95% opened mixed.

No Europe sectors were in the green, while financials and technology sectors led. Heavily weighted ASML Holding /zigman2/quotes/210293876/composite ASML +0.30% /zigman2/quotes/206208657/delayed NL:ASML -0.39% dropped 3%, and ams /zigman2/quotes/204183137/delayed AT:AMS -1.39% shares fell 3%, while business software group SAP /zigman2/quotes/202053813/delayed XE:SAP -1.47% was down 1.2%.

Energy names were under pressure as a risk-off mood hit oil prices /zigman2/quotes/209723049/delayed CL00 +0.52% , and BP /zigman2/quotes/202286639/delayed UK:BP +1.00% /zigman2/quotes/207305210/composite BP +0.90% 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 -0.67% 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 -1.88% to lower its targets for fiscal 2022 , and shares tumbled 16%. Those of rival Vestas Wind Systems /zigman2/quotes/205019303/delayed DK:VWS -1.23% dropped 6%.

Elsewhere, shares of Airbus /zigman2/quotes/208224336/delayed FR:AIR +1.97% 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
434.31
+2.73 +0.63%
Volume: 0.00
May 25, 2022 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
14,007.93
+88.18 +0.63%
Volume: 64,007
May 25, 2022 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,298.64
+45.50 +0.73%
Volume: 75,142
May 25, 2022 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,522.75
+38.40 +0.51%
Volume: 747,508
May 25, 2022 4:56p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
11,434.74
+170.29 +1.51%
Volume: 3.88M
May 25, 2022 5:16p
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
2.75
-0.0001 -0.0036%
Volume: 0.00
May 26, 2022 1:10a
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/zigman2/quotes/211347112/realtime
add Add to watchlist BX:TMBMKDE-10Y
BX : Tullett Prebon
0.95
-0.01 -1.36%
Volume: 0.00
May 25, 2022 6:01p
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/zigman2/quotes/202353025/composite
US : U.S.: Nasdaq
$ 187.83
+7.49 +4.15%
Volume: 8.52M
May 25, 2022 4:00p
P/E Ratio
17.05
Dividend Yield
N/A
Market Cap
$80.12 billion
Rev. per Employee
$2.69M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
32,120.28
+191.66 +0.60%
Volume: 348.46M
May 25, 2022 5:35p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
11,434.74
+170.29 +1.51%
Volume: 3.88M
May 25, 2022 5:16p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,978.73
+37.25 +0.95%
Volume: 2.33B
May 25, 2022 5:35p
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/zigman2/quotes/210293876/composite
US : U.S.: Nasdaq
$ 548.08
+1.65 +0.30%
Volume: 832,605
May 25, 2022 4:00p
P/E Ratio
36.52
Dividend Yield
0.93%
Market Cap
$220.38 billion
Rev. per Employee
$692,828
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/zigman2/quotes/206208657/delayed
NL : Netherlands: Euronext Amsterdam
507.20
-2.00 -0.39%
Volume: 641,963
May 25, 2022 5:36p
P/E Ratio
39.35
Dividend Yield
1.08%
Market Cap
€205.46 billion
Rev. per Employee
€595,476
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/zigman2/quotes/204183137/delayed
AT : Austria: Vienna
10.63
-0.15 -1.39%
Volume: 5,448
May 25, 2022 5:32p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€2.79 billion
Rev. per Employee
€204,172
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/zigman2/quotes/202053813/delayed
XE : Germany: Xetra
90.63
-1.35 -1.47%
Volume: 2.27M
May 25, 2022 6:30p
P/E Ratio
21.54
Dividend Yield
2.15%
Market Cap
€108.50 billion
Rev. per Employee
€265,996
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/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 110.90
+0.57 +0.52%
Volume: 13,765
May 26, 2022 1:00a
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/zigman2/quotes/202286639/delayed
UK : U.K.: London
427.85 p
+4.25 +1.00%
Volume: 51.87M
May 25, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
4.07%
Market Cap
£81.72 billion
Rev. per Employee
£1.74M
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/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 32.37
+0.29 +0.90%
Volume: 9.44M
May 25, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
3.99%
Market Cap
$102.35 billion
Rev. per Employee
$2.62M
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/zigman2/quotes/205820667/delayed
ES : Spain: Madrid
17.78
-0.12 -0.67%
Volume: 6.37M
May 25, 2022 5:38p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€12.17 billion
Rev. per Employee
€365,630
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/zigman2/quotes/221435471/delayed
XE : Germany: Xetra
16.93
-0.33 -1.88%
Volume: 2.02M
May 25, 2022 6:30p
P/E Ratio
N/A
Dividend Yield
0.59%
Market Cap
€12.33 billion
Rev. per Employee
€304,304
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/zigman2/quotes/205019303/delayed
DK : Denmark: OMX
kr. 168.06
-2.10 -1.23%
Volume: 4.03M
May 25, 2022 4:59p
P/E Ratio
N/A
Dividend Yield
0.22%
Market Cap
kr.171.68 billion
Rev. per Employee
kr.4.07M
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/zigman2/quotes/208224336/delayed
FR : France: Euronext Paris
104.76
+2.02 +1.97%
Volume: 987,607
May 25, 2022 5:35p
P/E Ratio
16.24
Dividend Yield
1.43%
Market Cap
€80.74 billion
Rev. per Employee
€424,436
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