European stocks edge lower at open as tech shares fall

European stocks fell at the start of trading today, dragged down mainly by a decline in technology stocks as investors focused on a key U.S. inflation report due later that could change market expectations for the Federal Reserve’s interest rate path.

The pan-European STOXX 600 index fell 0.1%, extending losses after a near 2% drop yesterday.

Tech giants fell 0.9%, dragging down major subsectors, while automakers also fell 0.9%.

Energy stocks rose 1.3% and basic resources stocks added 0.5%.

Siemens Energy jumped 19% after the utility supplier raised its medium-term profit margin target and set a new record for its order book.

RWE shares rose 7.9% after Germany’s largest utility said it would buy back up to 1.5 billion euros ($1.6 billion) in shares.

Just Eat Takeaway Inc. shares surged 20.5% after Europe’s largest food delivery company said it had struck a deal to sell its U.S. unit, GrabHub, to Wonder Corp. for $650 million.

The U.S. inflation report for October is due later in the day, while the minutes of the European Central Bank’s last monetary policy meeting are due tomorrow.

Rising government bond yields have weighed on euro zone stocks, along with their U.S. counterparts.