The Novonix Ltd (ASX: NVX) share price is tumbling lower today despite no news having been released by the battery materials and technology company.
Itâs in the red alongside many of its tech and battery metals peers today after surging nearly 11% on Thursday.
The Novonix share price is currently trading at $3.09, 5.5% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) has slumped 0.5% so far today.
Letâs take a closer look at whatâs going on with the ASX 200 tech stock and its peers on Friday.
What’s weighing on the Novonix share price today?
The Novonix share price is plummeting on Friday, making it the worst performer in its sector.
The S&P/ASX 200 Information Technology Index (ASX: XIJ) is currently down 1.2%.
Alongside Novonix, the sector is being weighed down by shares in Megaport Ltd (ASX: MP1), Block Inc (ASX: SQ2), and Altium Limited (ASX: ALU). Theyâve fallen 4%, 4%, and 3% respectively right now.
On top of that, some ASX 200 battery materials shares are also underperforming today.
Some lithium stocks, including Lake Resources N.L. (ASX: LKE), Core Lithium Ltd (ASX: CXO) and Liontown Resources Limited (ASX: LTR), have broken a multi-session green streak to weigh on the market.
Todayâs fall included, the Novonix share price is 71% lower than it was at the start of 2022 and 25% lower than it was this time last year.
Meanwhile, the ASX 200 has fallen 7% year-to-date. It is also down 7% over the last 12 months.
The post Novonix share price tumbles 6% on Friday. Whatâs going on? appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX 200 shares today
- Why is the Novonix share price leaping 11% on Thursday?
- Why is the Novonix share price having such a lousy start to the week?
- These 3 ASX tech shares had a cracking day on the ASX today
- Here are the top 10 ASX 200 shares today
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 Altium, Block, Inc., and MEGAPORT FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended MEGAPORT FPO. 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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