European stocks ended lower for the first time in three days Thursday as investors opted for caution ahead of Italy's weekend referendum, which is feared to spark a political crisis in the eurozone.
The Dow Jones Industrial Average bucked the broader market's weakness on Thursday to close at a record high, even as large-cap technology stocks weighed down the Nasdaq Composite index for a second straight session.
The significant international exposure among tech companies makes them more vulnerable given the recent rise in the U.S. dollar, said Karyn Cavanaugh, senior market strategist at Voya Financial.
Asian shares were broadly lower Friday, tracking losses on Wall Street, as equity markets indicate the " Trump trade" could be overdone. Some traders have started asking if the market has overestimated U.S. president-elect Donald Trump's impact on inflation and U.S. growth.
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