ASX 200 tech shares are leading the market higher today

The S&P/ASX 200 Technology Index (ASX: XJO) is leading the market on Wednesday, and many of the market’s favourite shares are among its biggest gainers.

Right now, the ASX 200 tech sector is up 2.6% after falling 1.54% yesterday. Meanwhile, the S&P/All Technology Index (ASX: XTX) has lifted 2.39% today.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is up 1.5% at the time of writing, recovering from yesterday’s dire session.

So, which ASX 200 tech shares are posting today’s biggest gains? Let’s take a look.

ASX 200 tech shares lead the market

The ASX 200 tech sector is outperforming on Wednesday with the likes of Novonix Ltd (ASX: NVX) and BrainChip Holdings Ltd (ASX: BRN) providing the biggest gains.

Shares in battery technology and materials company Novonix have lifted 5.1% right now to trade at $1.48 while those in neuromorphic computing outfit BrainChip have risen 6.3% to reach 79 cents. Here’s how other notable names are performing:

• Stock in Block Inc (ASX: SQ2) has gained 4.4% to trade at $96.47
• WiseTech Global Ltd (ASX: WTC) shares have jumped 2.8% to $50.53
• The Xero Limited (ASX: XRO) share price has lifted 3.1% to reach $71.30

The sector’s day in the green comes despite a rough night’s trade for the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC).

It dumped 0.76% while most of Australia slept, weighed down by shares in electric vehicle giant Tesla Inc (NASDAQ: TSLA). Its stock tumbled 12.2% in Tuesday’s session overseas.

The fall came as the US$330 billion company revealed its fourth-quarter deliveries to the market’s disappointment, as The Motley Fool reports.

A glimmer of hope for the future?

In more positive news, experts at Commonwealth Bank of Australia (ASX: CBA) hold hope for currently-embattled ASX 200 tech shares in coming years.

The banking giant looked back on 2022 and provided an outlook for the new year today. CommSec chief economist Craig James wrote:

[W]hile the economic environment in 2023 may not be the most conducive for ‘growth-focussed’ sectors, forward-looking investors may be more positive on prospects in 2024 – especially if rates are cut as expected late this year.

Consumer discretionary, information technology, property, and smaller companies should be watched.

The prediction follows a rough year for technology fans. The ASX 200 tech sector tumbled 34% in 2022.

The post ASX 200 tech shares are leading the market higher today 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 Tesla, WiseTech Global, and Xero. The Motley Fool Australia has positions in and has recommended WiseTech Global and Xero. 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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