ASX 200 tech correction? 5 of the worst-hit shares

man grimaces next to falling stock graph

ASX 200 tech shares plunged on Wednesday, following a sharp overnight selloff on Wall Street.

Major US indices logged a sea of red with the S&P 500, Nasdaq Composite and Dow Jones Industrial Average down 2.04%, 1.63% and 2.83% respectively.

Headlining the selloff was a jump in benchmark 10-year US Treasury yields, trading at its highest levels since June.

The yield on the benchmark 10-year Treasury note spiked in the past week, surging 242 basis points from 1.304% to 1.546%.

ASX 200 tech shares have thrived under a low-interest rate environment.

The opposite is now unravelling as the Federal Reserve signalled last week that it could begin to reverse its pandemic stimulus and raise interest rates sometime next year.

5 worst-hit ASX 200 tech shares on Wednesday

Tyro Payments Ltd (ASX: TYR)

Things were looking good for the Tyro share price in September, rallying back to pre-COVID levels of ~$4.30 on Monday.

It looks like the recent weakness in tech and broader market volatility has stopped Tyro’s road to recovery.

Its shares tanked 5.34% today to $3.90.

Afterpay Ltd (ASX: APT)

Weakness in the Afterpay share price might come as no surprise following Square’s selloff overnight.

Afterpay shares have closely tracked the performance of Square after the US payments company came forth with a $39 billion takeover offer in early August.

The Afterpay share price is currently trading 4.11% lower to $122.

Nextdc Ltd (ASX: NXT)

The Nextdc share price has fallen off a cliff in recent days, down 12.62% since last Thursday, 23 September.

Shares in the data centre provider extended their losses on Wednesday, down another 3.77% to $11.99.

Xero Limited (ASX: XRO)

The Xero share price fell off a cliff on Tuesday, sliding 6.49% to $140.10.

The selloff continued today, down another 3.67% to $135.20.

The company has not released any market sensitive announcements since its FY21 results on 13 May.

Altium Limited (ASX: ALU)

Its been a wild ride for Altium shares after it plunged 14.25% on the day of its FY21 results before a V-shaped recovery to 2-month highs.

Volatility continues for the software company, down 2.68% to $34.65 in today’s trading session.

The post ASX 200 tech correction? 5 of the worst-hit shares appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Altium, Tyro Payments, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Altium. The Motley Fool Australia has recommended Tyro Payments and carsales.com Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3CWdiog

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s