European Markets Close Lower; Tech Sector Down 7.4% As SAP Shares Tank

European markets plunged Monday as surging coronavirus cases throughout the continent weighed on sentiment, while SAP led a sharp decline for tech stocks.

The pan-European Stoxx 600 closed down by 1.8% provisionally, with the technology sector plunging 7.4% after Germany’s SAP abandoned its medium-term profitability targets and warned that its business would take longer than expected to recover from the damage of the coronavirus pandemic. The company’s stock plunged nearly 22%.

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