European stocks resume losses as tech rout continues

European stocks fell on Tuesday, to resume losses after yesterday's pause, falling near a month low once again, due to a large drop in the tech sector, amid investors' risk aversion after the European GDP posted the worst recession ever.

The Stoxx Europe 600 index fell 1.5% as of 11:38 GMT, after it gained 1.7% yesterday, posting the first daily gain in 3, within recovery attempts from a month low of 359.58 points, following robust Chinese exports data.

The pan European index opened lower today, to resume its losses after yesterday's pause, with most of the major European markets and sectors seeing red today.

The tech sector saw the largest losses in Europe today, dropping 2%, as the sector continued to slump, which is part of what pushed the European market to the 1-month low.

The revised reading of the eurozone's GDP showed today a contraction of 14.7% y/y during the second quarter, in the worst recession ever recorded, due to the coronavirus pandemic.

S&P 500 futures fell 1.5%, while the index was closed yesterday at Wall Street in observance of Labor Day holiday, and resumes work today.

Back to Europe, the Euro Stoxx 50 index fell 1.6%, France's CAC 40 fell 1.7%, Germany's DAX lost 1.4%, and the UK's FTSE 100 slipped 0.6%.