European stocks slip on tech losses; STOXX 600 tops S&P 500 in yearly gains

European stocks fell 1% on Friday, dragged down by a sharp tech retreat after Wall Street's Nasdaq plunged into correction territory, though the STOXX 600 still posted a weekly gain of about 1.3%. The decline was driven by losses in semiconductor and software shares, tracking an overnight Nasdaq drop of 5.52%, its worst session in 19 months. The selloff followed Democratic victories in U.S. midterm elections, raising fears of tighter antitrust scrutiny and AI regulation. Despite the setback, the STOXX 600 holds a year-to-date gain of over 10%, surpassing the S&P 500's 7%, supported by resilient European earnings and a 20% weekly drop in oil prices.