Appen share price rebounds 12%, topping ASX 200 gainers

A man in a blue collared shirt sits at his desk doing a single fist pump as he watches the Appen share price rise on his laptopA man in a blue collared shirt sits at his desk doing a single fist pump as he watches the Appen share price rise on his laptop

The Appen Ltd (ASX: APX) share price is skyrocketing after a seven-session losing streak.

The stock is recovering alongside the broader ASX tech sector, which is also regaining lost ground on Thursday.

At the time of writing, the Appen share price is $5.70, 11.76% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.41%. The S&P/ASX 200 Information Technology Index (ASX: XIJ) is up 2.31%.

Let’s take a closer look at what’s going on with the artificial intelligence data developer and its tech peers.

Appen share price lifts after reaching a near five-year low

The Appen share price is bouncing back from a near five-year low in yesterday’s trade.

The stock tumbled to $5.10 in intraday trade on Wednesday – the lowest it’s been since 2017.

Today, it’s the best-performing ASX 200 share. It’s beating the 6%-plus gains posted by EML Payments Ltd (ASX: EML) and Pilbara Minerals Ltd (ASX: PLS).

In the ASX 200 tech sector, Appen’s performance is shadowed by NextDC Ltd (ASX: NXT). Its stock is currently up 5.7%.

The tech index is the best performer out of all 11 ASX 200 sectors today. Looking to the broader tech sector, the S&P/ASX All Technology Index (ASX: XTX) is also up, gaining 1.9%.

This comes after the tech-heavy NASDAQ Composite (INDEXNASDAQ: .IXIC) lifted 2.5% overnight amid the United States’ biggest rate hike in decades.

The nation’s Federal Reserve lifted rates by 0.75% on Wednesday (US time). However, the Fed assured that future hikes of such magnitude would be rare and the economy could absorb the blow.

Today’s gains included, the Appen share price is nearly half of what it was at the start of 2022. It has also slipped nearly 58% since this time last year.

The post Appen share price rebounds 12%, topping ASX 200 gainers 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 Appen Ltd and EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. 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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