The Xero Limited (ASX: XRO) share price is tumbling lower on Thursday despite no word having been released by the company.
However, it’s a rough day on the market for many ASX tech shares, particularly those on the S&P/ASX 200 Index (ASX: XJO).
At the time of writing, the Xero share price is $103.84, 3.55% lower than its previous close.
For context, the ASX 200 is currently trading 0.41% higher.
Let’s take a closer look at what’s going on with Xero’s stock today and the performance of its ASX 200 technology peers.
Xero share price slumps 4% on Thursday
The Xero share price is sliding lower today, losing all its gains for the week so far.
After tumbling 5% on Monday, the cloud-based account and business software provider’s stock gained 3% on Tuesday and 5% on Wednesday.
Sadly, today’s tumble has brought it back to square one.
It also makes Xero the second worst performing stock on the S&P/ASX 200 Information Technology Index (ASX: XIJ) on Thursday.
Only Block Inc (ASX: SQ2) is recording a bigger fall. Its share price is currently down 3.79%.
Though, the ASX 200 sector as a whole is also suffering, having slipped 1.39% at the time of writing.
Looking at the tech sector beyond the ASX 200, the S&P/ASX All Technology Index (ASX: XTX) is recording a 0.88% slump.
The Xero share price’s poor Thursday performance sees it 28% lower than it was at the start of 2022. It has also fallen 17% since this time last year.
The post Why is the Xero share price sliding 4% lower today? appeared first on The Motley Fool Australia.
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More reading
- ASX 200 (ASX:XJO) midday update: Tabcorp demerger update, BHP higher, Block tumbles
- 2 ‘very interesting’ ASX shares to buy now as ASX 200 roars back
- The Xero share price is up 9% in just two days
- 5 things to watch on the ASX 200 on Wednesday
- 3 ASX shares primed to bounce back: expert
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. owns and has recommended Block, Inc. and Xero. The Motley Fool Australia owns and has recommended Block, Inc. and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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