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MarketPulse Europe: Tech Sector Falters After Wall Street Meltdown

Investing.com - European technology stocks were among the worst performers in midday trade on Wednesday, as sentiment was dampened following a sharp overnight selloff in the highly valued U.S. tech sector on Wall Street.

The pan-European Stoxx 600 Technology index was down 1.5% by 6:40AM ET (11:40 GMT), hitting the lowest level since Nov. 27.

Shares of Austrian chipmaker AMS AG (SIX:AMS) led losses, tumbling more than 5%, while STMicroelectronics NV (PA:STM), and Infineon Technologies AG (DE:IFXGn) fell 1.4% and 1.3% respectively.

Software names were also lower. ASML Holding (AS:ASML), SAP SE (DE:SAPG) and Software AG (DE:SOWGn) all fell between 2% and 3%.

Apple (NASDAQ:AAPL) suppliers were on the backfoot, with shares of Dialog Semiconductor (DE:DLGS) sliding 3.2% in Frankfurt, while ASM International NV (AS:ASMI) lost 1%.

The moves come after Wall Street tumbled on Tuesday, with the tech-heavy Nasdaq Composite plunging 3.8% to close in correction territory.

U.S. markets are closed Wednesday to mark a national day of mourning for the death of former President George H.W. Bush.

-- Reuters contributed to this report

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