It’s been a very positive start to the trading week so far this Monday for the S&P/ASX 200 Index (ASX: XJO). At this point of the trading day, the ASX 200 has gained a healthy 0.8%, putting the index at just over 7,340 points. But ASX 200 tech stocks like Xero Limited (ASX: XRO) are putting that gain to shame. 

The ASX 200 tech sector is currently leading the market in terms of gains. And the top ASX 200 gainers today are almost all tech shares. Xero is in the vanguard here, recording a very pleasing gain of 4.88% so far this session to $79.31 a share:

But it’s not just Xero. Block Inc (ASX: SQ2) has notched a 5.4% rise to $120.42 a share. Megaport Ltd (ASX: MP1) is just behind with a 5.1% gain to $5.78 a share. WiseTech Global Ltd (ASX: WTC) has just hit a new record high. And Brainchip Holdings Ltd (ASX: BRN) has rocketed by a whopping 17.65% to 60 cents a share.

So what’s going on with ASX 200 tech stocks today that have yielded such stellar performances?

Why are ASX 200 tech stocks on fire this Monday?

Well, Brainchiop has had some specific developments which seem to be boosting the company’s share price. As we covered this morning, Brainchip has announced the launch of its second-generation Akida platform, which seems to be getting investors hot under the collar.

But apart from that, there are no other specific announcements from these ASX 200 tech stocks that seem to be a factor here.

As such, we can probably thank the performance of the US tech markets on Friday night (our time) for the strong start to the week that the tech sector is currently enjoying.

The ASX is usually quite receptive to the movements of the US markets, given their dominance of global financial markets. If US shares have a good run, it’s unusual not to see ASX shares follow suit (and vice-versa). And ASX 200 tech stocks seem to be particularly sensitive to the movements of their American counterparts.

Last Friday, the tech-heavy NASDAQ-100 Index had an exceptionally strong session, rising by 2.04% by the end of the trading day. US shares like Amazon, Apple, Microsoft and Tesla all shone, with Amazon, Apple and Tesla rising by more than 3% each. It was a similar story with other prominent US tech shares like Adobe, PayPal and Intuit.

So given the magnitude of these gains enjoyed by US tech investors last week, ASX 200 tech stocks were always going to have a strong day back across the Pacific.

The post Why are ASX 200 tech stocks like Xero having such a stellar start to the week? appeared first on The Motley Fool Australia.

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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen has positions in Adobe, Amazon.com, Apple, PayPal, Microsoft, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Adobe, Amazon.com, Apple, Block, Intuit, Megaport, Microsoft, PayPal, Tesla, WiseTech Global, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2024 $420 calls on Adobe, long March 2023 $120 calls on Apple, short April 2023 $70 puts on PayPal, short January 2024 $430 calls on Adobe, and short March 2023 $130 calls on Apple. The Motley Fool Australia has positions in and has recommended Block, WiseTech Global, and Xero. The Motley Fool Australia has recommended Adobe, Amazon.com, Apple, Megaport, and PayPal. 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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