FILE PHOTO: A person wears virtual reality goggles at the European Space Agency (ESA) stand in the Web Summit, Europe's largest technology conference, in Lisbon, Portugal, November 2, 2021. REUTERS/Pedro Nunes
LONDON (Reuters) - European technology stocks fell into bear territory on Friday and were on track for their biggest monthly drop since the 2008 global financial crisis amid worries the U.S. Federal Reserve will aggressively tighten its monetary policy.
Europe's tech sector, the darling of investors during the pandemic, has dropped 20% - the technical milestone which defines a bear market - from a 21-year high touched in November.
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