Why Block, Brainchip, Domino’s, and Vulcan shares are sinking today

A woman looks distressed as she stares dramatically at her phone

A woman looks distressed as she stares dramatically at her phone

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down 3.3% to 6,545.3 points.

Four ASX shares that are falling more than most today are listed below. Here’s why these ASX shares are dropping:

Block Inc (ASX: SQ2)

The Block share price is down a massive 9% to $83.86. Investors have been selling this payments company’s shares in response to weakness from its US listed shares over the last two trading sessions. This has been driven by a tech selloff in response to the US Federal Reserve’s rate hike.

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is down over 3% to 88 cents. This follows major weakness in the tech sector that has seen the S&P/ASX All Technology index fall by a sizeable 4.5% today. Given that Brainchip is a loss-making semiconductor company with little revenue, it’s impressive that its shares are holding up as well as they are in the current environment.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The Domino’s share price has continued its slide and is down a further 5% to $53.45. At one stage, this pizza chain operator’s shares dropped to a new two-year low. While today’s decline is due to the market selloff, Domino’s shares have come under pressure this year due to concerns about the impact that inflation could be having on its operations.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is down 4% to $7.54. This is despite there being no news out of the lithium developer. However, it is worth noting that higher risk shares are being sold off today amid the market weakness. This has led to many lithium shares dropping deep into the red.

The post Why Block, Brainchip, Domino’s, and Vulcan shares are sinking today appeared first on The Motley Fool Australia.

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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. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited. 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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