The pan-European STOXX 600 index ended down 0.3% at 570.58 points, having slid 1.6% earlier in the day

European shares dropped on Tuesday to their lowest point in more than two weeks, echoing a broader risk-off mood across global markets, as investors gauged mixed earnings reports.

The pan-European STOXX 600 index ended down 0.3% at 570.58 points, having slid 1.6% earlier in the day. Most other major regional bourses were also in the red except for the UK’s FTSE 100 and Italy’s benchmark index which each edged up 0.1%.

European stock markets slid as a recent tech-fuelled rally faded and top U.S.’ Wall Street banks warned that equity markets could be heading for a correction of around 10% to 15%, underscoring growing concerns over sky-high valuations.

The concerns raised about the U.S. market are having an impact on broader risk sentiment towards equities, said Richard Flax, chief investment officer at Moneyfarm.

The EU stock reaction is being driven by the general risk-off sentiment and not necessarily the same fundamental concerns as in the U.S., he added. In Europe, valuations, at least versus history, are not as elevated and maybe the greater concern is about earnings growth in aggregate.

Basic resources led sectoral declines with a 2% fall, tracking weak copper prices. Tech stocks shed nearly 1%.

Healthcare stocks gained 0.8%. Coloplast added 4.8% after its fourth-quarter margin beat expectations. Abivax was up 6%.

A gauge of euro zone volatility hit its highest since October 17 earlier in the day.

Edenred slipped 8.6% after the French vouchers and benefit cards provider forecast slower earnings growth for 2026.

Geberit added 3.9% after it nudged its full-year sales outlook slightly higher.

BP gained 1.3% after the oil company reported a smaller-than-expected drop in third-quarter underlying profit. However, it provided no update on its Castrol lubricants unit’s sale process.

Telefonica slipped 13.1% after the telecom giant said it would halve its dividend next year.

Associated British Foods slid 2.9% after the UK company reported a decline in annual profit and said it could separate its Primark fashion business and the food unit.