27.08.202610:34:01UTC+00European Shares Slip Despite Nvidia-Fueled Tech Rally

European stocks slipped on Thursday, with the STOXX 50 down 0.3% and the broader STOXX 600 losing 0.4%, as a Nvidia-led surge in technology shares was not enough to counter overall market softness. Oil prices also stabilized after their recent pullback, while uncertainty surrounding efforts to reopen the Strait of Hormuz further weighed on risk appetite.

AI-related names remained among the standout performers after Nvidia’s upbeat sales guidance helped ease worries about excessive valuations in the sector. ASML Holding gained 1%, ASM International advanced 2.4%, Siemens Energy rose 2.7%, SAP added 1.6%, and STMicroelectronics climbed 4%.

In contrast, defensives underperformed, with personal and household goods, chemicals, and food and beverage stocks declining between 1% and 1.5%. Among notable individual moves, Pernod Ricard slumped 7% after posting a sharper-than-expected drop in sales, while Delivery Hero edged 0.3% higher after lifting its 2026 guidance.

Market participants are now turning their attention to Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole symposium on Friday.