Why Block, Life360, Pilbara Minerals, and Syrah shares are dropping today

The S&P/ASX 200 Index (ASX: XJO) are on course to start the week with a small decline. In afternoon trade, the benchmark index is down 0.3% to 7,086.8 points.

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

Block Inc (ASX: SQ2)

The Block share price is down 2% to $88.73. This follows a poor night of trade for the payments company’s shares on the NYSE on Tuesday night. Investors were selling Block and other tech shares on Wall Street amid concerns over rising interest rates.

Life360 Inc (ASX: 360)

The Life360 share price is down 6% to $4.77. Tech shares have come under pressure on Wednesday following the aforementioned weakness on Wall Street. Loss making tech shares have been hit hardest. This has led to the S&P/ASX All Technology Index falling by almost 1% this afternoon.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 3.5% to $3.66. Investors have been selling lithium miners again on Wednesday following a very poor night for their peers on Wall Street. The likes of Albemarle and SQM fell over 5% overnight, with Livent Corp not far behind with a 4% decline. Investors appear concerned over the outlook for lithium prices amid falling demand for electric vehicles.

Syrah Resources Ltd (ASX: SYR)

The Syrah Resources share price is down 11% to $2.07. This also appears to have been driven by concerns over falling electric vehicle demand. Syrah is looking to supply the lithium battery industry with graphite from its operations in Africa and North America.

The post Why Block, Life360, Pilbara Minerals, and Syrah shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• What can ASX lithium share investors learn from Tesla discounting its cars?
• 5 things to watch on the ASX 200 on Wednesday
• 5 ASX lithium stocks to buy in 2023: brokers
• Here are 3 ASX growth shares analysts rate as buys in 2023
• Is Core Lithium the next Pilbara Minerals?

Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has no position in any of the stocks mentioned. 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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