Down 7%, what’s impacting the Appen share price today?

The Appen Ltd (ASX: APX) share price is lagging the market on Tuesday despite the company’s silence.

However, it’s not alone in its suffering. The former S&P/ASX 200 Index (ASX: XJO) stock is joined in the red by many of its fellow tech shares.

At the time of writing, the Appen share price is $5.91, 7.22% lower than its previous market close.

For context, the ASX 200 is currently up 0.61% while the All Ordinaries Index (ASX: XAO) has gained 0.62%.

Let’s take a closer look at what’s going on with Appen and its peers today.

What’s pushing the Appen share price down?

The Appen share price is suffering alongside many of the market’s best-known tech stocks today.

It follows on from a grim Monday on Wall Street that saw the tech-heavy Nasdaq Composite slip 0.72%.

The S&P 500 also slid 0.3% while the Dow Jones Industrial Average fell 0.2% overnight.

Following in Wall Street’s footsteps, the S&P/ASX 200 Information Technology Index (ASX: XIJ) is down 0.8% right now.

That makes it the second-worst performing sector behind the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ).

It’s not just ASX 200 tech shares struggling on Tuesday. The broader tech sector is falling, with the S&P/ASX All Technology Index (ASX: XTX) exhibiting a 1.23% slump.

The ASX 200 tech sector is being dragged down by shares in Life360 Inc (ASX: 360), EML Payments Ltd (ASX: EML), and Megaport Ltd (ASX: MP1). They’ve slipped 6.4%, 5.8%, and 6% respectively.

ASX 200 tech favourites Novonix Ltd (ASX: NVX) and Block Inc (ASX: SQ2) are also down 5.8% and 3.9% respectively right now.

Today marks a major reversal for the Appen share price. It posted a 13% gain over the three previous sessions.

It’s also 12% higher than it was before it was dumped from the ASX 200 last Monday.

The post Down 7%, what’s impacting the Appen share price today? appeared first on The Motley Fool Australia.

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More reading

• Why Appen, BWX, Imugene, and Wesfarmers shares are dropping
• Why ASX 200 tech shares are outperforming the market on Friday
• Why Appen, Infomedia, PointsBet, and Vicinity shares are storming higher
• 3 ASX All Ordinaries shares having a cracking Monday
• Appen share price jumps 10% despite ASX 200 exit: What’s going on?

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 Appen Ltd, Block, Inc., EML Payments, Life360, Inc., and MEGAPORT FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. and EML Payments. The Motley Fool Australia has recommended MEGAPORT FPO. 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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