ASML experienced notable selling pressure as market participants adjusted positions ahead of the company’s upcoming third-quarter earnings release. With consensus expectations sitting near the upper bound of management’s guidance range following strong year-to-date share price appreciation, institutional investors opted to de-risk portfolios. The elevated performance bar left little room for error, prompting profit-taking ahead of key updates regarding order intake and forward-looking guidance.

Sector-wide headwinds further intensified the retreat. Broad weakness across the global semiconductor complex weighed heavily on equipment suppliers as renewed anxieties surfaced regarding artificial intelligence spending cycles and customer…