European shares slip after STMicro, Alphabet results weigh on tech stocks

European shares slipped on July 23 as technology stocks weighed on sentiment after U.S. Alphabet reported results and as markets assessed the Middle East conflict ahead of the European Central Bank’s policy meeting. The pan-European STOXX 600 inched down 0.5% to 643.47 points by 0705 GMT, while the tech sector index fell 2.7%. STMicroelectronics led the declines, dropping 15% after forecasting third-quarter revenue with a midpoint slightly below market expectations. BE Semiconductor Industries also fell 4.6% following its second-quarter results. Alphabet boosted its 2026 capital spending plans by $15 billion, adding to questions about whether AI investment will translate into returns. Energy gained 0.6% as Brent rose above $96 per barrel after new U.S. strikes on Iran and attacks on Red Sea oil tankers.