Europe stocks close lower as ECB holds rates, Volvo Cars up 9%

European markets closed slightly lower on Thursday, slipping from gains held through most of the session after the European Central Bank said it was keeping interest rates unchanged.

The pan-European Stoxx 600 shed 0.16%, closing in the red for the fourth straight day, with technology stocks pulling the index down by 1.8%.

The sector appeared to take its cues from the U.S., where the Nasdaq Composite continued its negative run as investors shift away from artificial intelligence stocks into the wider market.

Autos led European gains, rising 1.23%. Shares of Volvo Cars jumped 11% after the company reported a record core operating profit in the second quarter.

The ECB’s decision to keep rates unchanged was widely expected after it implemented a rate cut in June. The ECB Governing Council in a statement noted that domestic price pressures were “still high,” and said headline inflation would likely remain above the target rate “well into next year.”

Asia-Pacific markets tumbled on negative news from the chip sector overnight, with Japan’s Nikkei 225 declining more than 2%.

Novartis, Volvo, Ubisoft and Nokia were among the companies who reported earnings on Thursday.