European stock markets have fallen for a second straight day, weighed down by the technology sector, which followed the selling trend seen in Asian and U.S. semiconductor shares.

The Stoxx Europe 600 index closed down 0.6%, although trading volume remained light. The technology sub-index dropped 3.6%, mirroring moves in Asian markets. In Asia, record profits from Samsung Electronics failed to impress investors. In the United States, as of 4:57 p.m. London time, the Nasdaq 100 Index was down 2% and the Philadelphia Semiconductor Index had fallen 6%.

Among major European tech stocks, ASML Holding NV was the biggest drag on the benchmark index. Other semiconductor-related stocks, including Infineon Technologies AG, ASM International NV, and STMicroelectronics NV, all declined by more than 7%.

However, the European benchmark index remains near record highs, with consumer-related stocks benefiting as investors rotated out of the tech sector. Shell Plc was among the day's gainers, rising 3.4% after a trading update indicated another strong performance in its oil and gas trading division for the second quarter. Ground engineering specialist Keller Group Plc surged 23% after raising its full-year profit outlook.

The upcoming corporate earnings season will be crucial in determining whether the market can extend its gains beyond this year's 9% advance. As share prices have risen, analysts have also been raising profit expectations, which has raised the bar for companies to deliver satisfactory results.