Feb 6 (Reuters) - European shares dropped on Friday, and were set to log a subdued end to a volatile week dominated by investor caution around software companies and a batch of disappointing corporate
Europe's STOXX 600 drops after Stellantis results; tech stocks in focus
Market Overview and Key Developments
Feb 6 (Reuters) - European shares dropped on Friday, and were set to log a subdued end to a volatile week dominated by investor caution around software companies and a batch of disappointing corporate earnings, with carmaker Stellantis being the latest.
Impact of Stellantis Results
The pan-European STOXX 600 was down 0.2% at 610.28 points as of 0809 GMT.
Tech Sector Performance
Stellantis tanked 14.4% and triggered a trading halt after the Franco-Italian company booked charges of around 22.2 billion euros ($26.5 billion) in the second half of last year as it scales down electric-vehicle development plans.
Gains in Other Sectors
The broader auto sector slid 2.4% and led sectors lower.
Tech stocks slipped 1% and was set for its biggest weekly drop since late March 2025 as concerns prevailed that newer AI tools could upend the sector. U.S.-based Amazon.com's 50% boost in spending plans also rattled sentiment.
Offsetting broader losses was a 6.3% climb in Societe Generale after the French lender lifted a key profitability target for 2026 as it beat fourth-quarter profit forecasts.
Weight-loss drugmaker Novo Nordisk gained 4.2% after the U.S. Food and Drug Administration threatened action on 'illegal copycat drugs'.
(Reporting by Avinash P and Johann M Cherian in Bengaluru; Editing by Harikrishnan Nair)
