Friday is proving to be a rough day for S&P/ASX 200 Index (ASX: XJO) technology shares as they weigh heavily on the broader market.
In fact, at the time of writing, tech and buy now, pay later (BNPL) shares are among the ASX 200’s worst performing constituents, despite relative silence across the sector.
Right now, the ASX 200 is down 1.09%. Meanwhile, the S&P/ASX 200 Info Tech Index (ASX: XIJ) has fallen 3.14% and the S&P/ASX All Technology Index (ASX: XTX) is down 2.72%.
Let’s take a look at what might be dragging on ASX tech shares on Friday.
ASX 200 tech shares leading the index’s fall
ASX 200 tech shares are suffering today after the Nasdaq Index plummeted 2.1% overnight.
It tops off a shocking 30 days over which the United States-based, tech-heavy index has fallen more than 2% in 6 separate sessions, culminating in a 6.39% tumble.
Additionally, renewed fears of rising interest rates have likely also put pressure on ASX tech stocks after the Reserve Bank of Australia governor Phillip Lowe warned changes to international interest rates could spur an “abrupt adjustment in financial conditions”.
Right now, the biggest fallers on the ASX 200 include Life360 Inc (ASX: 360), Appen Ltd (ASX: APX), and Zip Co Ltd (ASX: Z1P). They’ve fallen 7.2%, 7.1%, and 6.1% respectively.
At the same time, Block Inc CDI (ASX: SQ2) and Megaport Ltd (ASX: MP1) are both down more than 5%.
The only ASX 200 tech share to be recording a gain right now is Computershare Limited (ASX: CPU).
It’s continuing its recent rally, having gained 0.55% at the time of writing. It’s also hit a new 52-week high in today’s session.
Unfortunately for BNPL fans, Block and Zip both have an additional weight on their shoulders today.
Their international competitor, Affirm Holdings Inc (NASDAQ: AFRM), tumbled 21% overnight after it released its quarterly earnings early.
Other recognisable Nasdaq stocks that plummeted during the United States’ Thursday session include Australian export Tritium DCFC Ltd (NASDAQ: DCFC). After rocketing 113% earlier this week, its share price slumped 15% last night.
Stock in Meta Platforms Inc (NASDAQ: FB) also fell 1.6% after Wednesday’s 5% gain. It has fallen 27% since the end of January.
The post Why are these ASX 200 tech shares tumbling more than 6% on Friday? appeared first on The Motley Fool Australia.
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More reading
- The carnage continues: Appen (ASX:APX) shares tumble 7%, here’s why
- ASX 200 (ASX:XJO) midday update: IAG upgrades guidance, Magellan sinks again
- ASX BNPL shares in focus after Affirm (NASDAQ:AFRM) share price tumbles 21%
- After a disastrous 2021, the Zip (ASX:Z1P) share price has tumbled another 30%. What’s going on?
- Here are the top 10 ASX shares today
Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd, Block, Inc., Life360, Inc., MEGAPORT FPO, Meta Platforms, Inc., and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Appen Ltd. The Motley Fool Australia has recommended MEGAPORT FPO and Meta Platforms, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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