ASX tech shares, as a whole, are having a stellar day.
The S&P/ASX All Technology Index (ASX: XTX) is up 3.9% in afternoon trading. That’s almost twice the 1.5% gains posted by the All Ordinaries Index (ASX: XAO) at this same time.
This follows on a strong run from US tech shares yesterday (overnight Aussie time), which saw the tech-heavy Nasdaq finish the day up 3.8%.
You might think that growth shares would be under pressure following the US Federal Reserve’s 0.25% interest rate hike. But Fed chair Jerome Powell’s bullish take on the US economy, the world’s biggest, looks to have investors’ monetary tightening concerns.
So, which ASX tech shares are charging ahead of the pack today?
Block is off to the races
The Block Inc CDI (ASX: SQ2) share price is off to the races today, up 11.1%.
Block shares closed yesterday at $142.92 and are currently trading for $158.87.
The dual-listed ASX tech share looks to be building off the rally of its US-listed share, which finished the day up 12.6% on the New York Stock Exchange.
Today’s rally will come as welcome news to shareholders of Block, which recently acquired Aussie buy now, pay later (BNPL) leader Afterpay. Despite today’s big lift, Block shares remain down 29% so far in 2022.
This ASX tech share is also racing ahead
Also leading the charge higher today is Brainchip Holdings Ltd (ASX: BRN).
The Brainchip share price is up 8.3% today. Shares closed yesterday at 93 cents and are currently trading for $1.01.
With no fresh news out from the artificial intelligence technology company, it looks like investors may be doing some bargain hunting. At the opening bell this morning, Brainchip shares were down 15% since Friday’s open.
With today’s intraday gains factored in, the ASX tech share remains down 29% over the past month, though shares are up 27% year-to-date.
The post Guess which ASX tech shares are leading the pack today? appeared first on The Motley Fool Australia.
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More reading
- Here’s why the BrainChip (ASX:BRN) share price is up 9% today
- ASX 200 (ASX:XJO) midday update: Block and Zip shoot higher, Ampol’s acquisition boost
- The Block (ASX:SQ2) share price is soaring 11% today. Here’s why
- Why Arafura, Block, Magellan, and Qantas shares are storming higher
- Why Block, Breville, Megaport, and Webjet shares are falling today
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Block, Inc. The Motley Fool Australia owns and has recommended Block, 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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