European tech stocks down 3% amid U.S. losses; ASML sheds 4.5%

European markets were trading lower on Monday, erasing gains notched earlier in the session to continue the volatility seen in global markets last week.

Tech stocks in Europe pulled back 3.1% at 4.16 p.m. London time, following their U.S. counterparts, which were down amid uncertainty over the impact of U.S. tariffs on the outlook for the world's largest economy.

The pan-European Stoxx 600 was 0.7% lower at 1:52 p.m. London time, with all major bourses in negative territory. Germany's DAX was 1.2% lower, after edging higher during early morning deals.

Regional markets closed in negative territory last Friday, rounding off a volatile week marked by whipsawing policy on U.S. tariffs, the latest rate cut from the European Central Bank and key U.S. jobs data which showed nonfarm payrolls rose by a less-than-expected 151,000 in February.