European stocks close lower ahead of U.S. election; tech stocks down 1%

This was CNBC's live blog covering European markets.

European markets closed lower on Monday as traders awaited the U.S. presidential election due to take place on Tuesday.

The pan-European Stoxx 600 provisionally closed down by 0.3%. Regional bourses and sectors were broadly in the red.

Banks led the gains by sector, trading up 0.7%, while technology stocks closed 1.1% lower.

Oil shares got a boost as crude prices rose more than 2% Monday on a decision by OPEC+ to delay plans to increase production. The sector closed up by 0.4%.

Shares of Burberry closed 4.8% higher after a media report over the weekend suggested that its peer Moncler is mulling a bid for the British luxury retailer.

Global markets are gearing up for a key week, with the latest U.S. presidential election poll from NBC News showing a "deadlocked race" between former President Donald Trump and current Vice President Kamala Harris.

Global market aftershocks may hinge heavily on which party takes charge of Congress as a result of the vote.

A divided U.S. House of Representatives and Senate would likely maintain the political status quo of the world's largest economy.

A Republican or Democratic sweep, however, would likely be coupled with a White House victory for the same party, and could translate into fresh spending plans or a tax overhaul.

Asia-Pacific markets mostly rose Monday.

U.S. stocks fell as investors looked ahead to the 2024 presidential election.

Nvidia shares climbed 2% after S&P Dow Jones Indices announced the chipmaker would replace rival Intel in the 30-stock Dow.

— CNBC's Samantha Subin contributed reporting to this markets blog.

Shares of Volvo Cars rose Monday after the Swedish carmaker reported a bumper month of sales in October.

Volvo Cars, which