What caused Philips shares to drop significantly, and what are investors currently focused on in the market?

Philips, the Dutch healthcare tech firm, experienced a sharp decline of nearly 12% in its shares following disappointing sales performance and a weak outlook for 2025. This significant drop occurred during a mixed trading day for European stocks, which came after the Stoxx 600 index had hit a record close on Tuesday. Meanwhile, investors are shifting their attention to upcoming U.S. economic indicators, specifically awaiting the Federal Reserve's FOMC meeting minutes and housing data. These economic reports are anticipated to provide critical insights that could influence direction on global market trends in the near term.