UPDATE 2-European shares track Wall Street's dip into the red

* Tech stocks lead losses as Nasdaq slumps
* Basic resources stocks and banks limit losses
* French bank SocGen gains after beating profit forecasts
* LVMH (PA:LVMH), Rihanna to pause Fenty fashion venture; LVMH shares
skid

(New throughout, updates prices, market activity and comments
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By Shashank Nayar and Susan Mathew
Feb 10 (Reuters) - European shares ended lower on Wednesday,
as Wall Street's retreat from record highs dragged Europe down
from an early rise on upbeat earnings reports from firms
including SocGen that fed optimism around a broader economic
rebound.
Gains in commodity-linked shares .SXPP and banks .SX7P
were outweighed by losses in most other sectors, taking the
pan-European STOXX 600 index .STOXX 0.2% lower.
Wall Street's main stock indexes slipped after hitting
record highs at the open, with the tech-heavy Nasdaq Composite
.IXIC sliding 0.4% after a streak of gains. Technology stocks
.SX8P led losses in Europe, posting their worst session in two
weeks. .N
Investors will watch U.S. Federal Reserve Chair Jerome
Powell's speech for clues on the pace of an economic rebound in
the world's largest economy. Most European indices had climbed
in morning trading as investors looked to signs of progress
around the proposed $1.9 trillion U.S. stimulus bill.
MKTS/GLOB
Historic monetary and fiscal stimulus has helped the STOXX
600 rally about 50% since it crashed to multi-year lows in March
2020. The index now is just 5% below its all-time high as hopes
build for a faster economic recovery.
"As is always the way, markets have switched from greed to
fear and then from fear to greed," said analysts at AJ Bell.
"The combination of vaccines, fiscal and monetary stimulus
has persuaded markets to look on the bright side and go even
beyond that, as they contemplate whether inflation is about to
make an unexpected return to the financial stage."
Earnings were in focus with Societe Generale SOGN.PA
leading gains on France's CAC 40 index .FCHI with its 2.9%
jump after beating profit forecasts for the fourth quarter.
The CAC 40 traded in the red, however, as data showed French
industrial output came in weaker than expected in December
despite the lifting of a coronavirus lockdown. Studded with luxury names, the index was also weighed on by
a 1.4% slide in Louis Vuitton owner LVMH, after music star
Rihanna and the company agreed to suspend her fashion line Fenty
less than two years after its launch. At the bottom of the STOXX 600 was drugmaker Galapagos
GLPG.AS after the Belgo-Dutch company and U.S. partner Gilead
Sciences GILD.O discontinued late-stage trials studies of
their lung disease drug.
Meanwhile, Adyen ADYEN.AS topped the index after the
payment processor beat expectations with a 27% rise in full-year
core earnings helped by growth in the Americas.