The Block share price is tumbling 7% today. What’s going on?

man grimaces next to falling stock graphman grimaces next to falling stock graph

The Block Inc (ASX: SQ2) share price is suffering on Monday despite the company’s New York-listed stock’s gains.

At the time of writing, the Block share price is down 6.75% on the ASX, trading at $133.27.

For context, the S&P/ASX 200 Index (ASX: XJO) is also falling today. It is currently down 1.53%.

So what’s got the company’s Australian counterpart feeling so blue (or red) today? Let’s take a look.

What’s going on with the Block share price?

Block’s shares are suffering alongside its ASX 200 technology peers on Monday.

Right now, the S&P/ASX 200 Information Technology Index (ASX: XIJ) is recording a 3.3% slump, and Block’s stock isn’t its biggest weight.

The Novonix Ltd (ASX: NVX) share price takes home that unfortunate prize. It’s currently down 8.2%.

At least Block’s stock is well versed in falling. It slumped 1.8% on Friday amid the release of the company’s quarterly earnings.

Interestingly, those same results appeared to incite stock in Block Inc (NYSE: SQ) – the company’s original US-based listing – to lift 0.61% after the Australian market closed for the week.  

Today’s tumble included, the Block share price has fallen 19% over the last 30 days on the ASX.

It’s also 24% lower than it was when it joined the Australian exchange following its takeover of former market darling, Afterpay earlier this year.

The post The Block share price is tumbling 7% today. What’s going on? appeared first on The Motley Fool Australia.

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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. has positions in and has recommended Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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