European Stocks Open Higher; ASML Drops 2.6% as Semiconductors Fall

The split between broad European index gains and a semiconductor pullback points to a rotation rather than a risk-off move, with ASML's decline standing out against the DAX's stronger open. That divergence matters because chip equipment names are sensitive to demand signals from outside Europe, so weakness there can persist even when the wider market is calm. Whether the semiconductor softness stays contained to a handful of names or spreads into the broader tech complex is the open question.