ASX 200 midday update: Block and Zip crash amid market selloff

sad man with his hand over his face on news of the ASX share price falling

sad man with his hand over his face on news of the ASX share price falling

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very disappointing decline. The benchmark index is currently down 4.7% to 6,609.6 points.

Here’s what is happening on the ASX 200 today:

ASX 200 crashes

The ASX 200 index is crashing on Tuesday following a selloff on Wall Street overnight. This has been sparked by fears that rising rates to combat decades-high inflation in the United States could stifle economic growth or even lead to a recession. The selling has been across the board, with not a single sector currently trading higher today.

Tech shares sold off

The tech sector has been a sea of red on Tuesday with the likes of Block Inc (ASX: SQ2) and Zip Co Ltd (ASX: ZIP) among the worst performers in the sector. Both payments companies have seen their shares trade over 19% lower at lunch. This has led to the S&P/ASX All Technology Index sinking over 7% to a new 52-week low today.

Pro Medicus’ contract renewals

The Pro Medicus Limited (ASX: PME) share price is sinking with the market despite the healthcare technology company making a positive announcement. Pro Medicus revealed that its Visage Imaging business has signed two key contract renewals with a combined value of $47 million. Both deals are transaction based with committed minimums and have been negotiated at a higher per transaction cost than their original contracts.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Uniti Group Ltd (ASX: UWL) share price with a 0.5% gain on no news. The worst performer has been the Zip share price with a 20% decline. Loss-making tech shares have been hit particularly hard during today’s selloff.

The post ASX 200 midday update: Block and Zip crash amid market selloff appeared first on The Motley Fool Australia.

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More reading

Motley Fool contributor James Mickleboro 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. and Pro Medicus Ltd. The Motley Fool Australia has positions in and has recommended Block, Inc. and Pro Medicus Ltd. 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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