(Alliance News) - Major European indexes opened lower Tuesday, with London being the exception, reversing the previous day's gains and fueled by caution after the tech sell-off in the US. The technology sector was among the worst performers, while oil and gas stocks rose.

"Nvidia's slump intensified yesterday and sent the stock into correction territory after a 10 percent drop," commented By Ipek Ozkardeskaya, Senior Analyst at Swissquote Bank. "In the last three sessions, Nvidia stock has lost about $430 billion in market value. The slump came out of the blue, just after the company took away Microsoft's status as the world's most valuable company last week. There has been no negative news about the company's fundamentals, no downgrades by analysts, no uninspiring forecasts, and no rumors of slowing sales. It's just that the end of the last quarter and the first half of the year may have caused some investors to take profits and take a back seat."

"One wonders whether last week's good news marked the end of Nvidia's rise to the top and whether the latest three-day selloff is the beginning of a sharper downward correction. I don't have the answer to that question, time will tell," the analyst concluded.

Thus, the FTSE Mib gives up 0.2 percent to 33,770.64, Mid-Cap gives up 0.8 percent to 47,477.78, Small-Cap is in the red 0.4 percent to 29,006.87 while Italy Growth gives up 0.2 percent to 8,122.67.

In Europe, London's FTSE 100 is in fractional green, Frankfurt's DAX 40 gives up 1.1 percent while Paris' CAC 40 gives up 0.6 percent.

On the Mib, the oil sector pushes, with Saipem up 2.8%, Eni up 2.0% and Tenaris advancing 0.6%.

Enel and Snam also do well, in the green by 1.0% and 0.5%.

FinecoBank gives up 0.9%. Monday reported that S&P Global Ratings agency confirmed the long-term rating 'BBB' with stable outlook, while maintaining the short-term rating 'A-2'.

Telecom Italia -- in the red by 1.0 percent -- on Monday informed that it had set with KKR for July 1 to finalize the sale of NetCo to Optics BidCo.

As a result of the final separation and the need to take into account the economic and equity effects of the transaction, the note released said, "it should be noted that the 2024 corporate calendar, previously published, has been modified to provide that the board of directors will meet on July 31 to examine the preliminary figures as of June 30, 2024, and on September 26 for the approval of the interim management report."

STMicroelectronics and Leonardo do worst and give up 2.4 percent.

On the Mid, Fincantieri ends at the bottom, down 7.3 percent.

Maire Tecnimont, among the few bullish performers, does best of all with a 0.4 percent rise after announcing Monday that NextChem, through its subsidiary MyRechemical, a leader in the Waste-to-Chemical segment, has signed a license agreement with DG Fuels Louisiana, LCC in connection with its proprietary NX Circular gasification technology.

The plant, expected to be operational in 2028, will produce 450 million liters per year of Sustainable Aviation Fuel derived from residual biomass and a small portion of municipal waste.

LU-VE is still not trading. On Monday it announced that its board of directors approved the merger of wholly owned subsidiaries Sest Spa and Air Hex Alonte Srl into LU-VE, as previously announced to the market.

d'Amico International Shipping -- in the red by 0.2 percent -- announced Monday that it had signed a new time-charter contract, scheduled to start between the end of the second quarter of 2024 and the beginning of the third quarter of 2024, for one of its MR2 'Eco' vessels, with a reliable counterparty and at a very profitable daily freight rate, for a term of three years.

Among smallcaps, Netweek takes the top spot with a 7.2 percent rise, followed by SIT and Gabetti, which pick up 4.6 percent and 4.0 percent.

On the other hand, KME Group and Beewize are hurting, giving up 3.3 percent and 2.8 percent respectively.

Among SMEs, in a still uneventful list, Expert.ai is still not trading. On Monday it reported that the board approved the appointment of Mario Pardi as its new chief executive officer.

Board member Marco Varone, on the other hand, was appointed as vice-chairman of the board.

Simone -- trading at a parity of EUR1.78 -- announced Monday that it had registered with the Court of Rome the title "Ildiritto.it," an online newspaper dedicated to legal information.

"The publishing initiative is aimed at enhancing the group's web presence, as declared during the IPO, and to maximize the value of the content created beyond the traditional publication of printed books," reads the company's statement.

RES Sustainable Ethical Recovery--flat at EUR5.95--announced the startup of the plastics washing and granulation plant at the Pettoranello del Molise industrial site, which will enable the regeneration of rigid plastic packaging.

In Asia, the Nikkei closed in the green by 1.0 percent at 39,173.15, the Hang Seng closed fractionally in the green at 18,041.26, and the Shanghai Composite gave up 0.4 percent to 2,950.00.

In New York, the Dow closed in the green by 0.7 percent to 39,411.21, the Nasdaq finished in the red by 1.1 percent to 17,496.82 while the S&P 500 closed down 0.3 percent to 5,447.87.

Among currencies, the euro changed hands at USD1.0727 from USD1.0728 on Monday in closing European equities while the pound was worth USD1.2692 from USD1.2690 on Monday evening.

Among commodities, Brent crude is trading at USD85.96 per barrel from USD85.76 per barrel at Monday's close. Gold, on the other hand, trades at USD2,326.06 an ounce from USD2,329.22 on Monday evening.

Tuesday's macroeconomic calendar at 1200 CEST the Eurogroup meeting and at 1430 CEST inflation data will be released in Canada.

In the US, at 1600 CEST the consumer confidence report is expected.

In the U.S., no special events are expected.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.