The S&P/ASX 200 Index (ASX: XJO) had a good trading day today, closing a healthy 1.44% higher. But multiple ASX 200 tech shares outperformed the index.
The Block Inc (ASX: SQ2), Wisetech Global Ltd (ASX: WTC) and Megaport Ltd (ASX: MP1) share prices all finished well in the green today.
Block shares leapt 4.96%, while shares in Wisetech were 2.65% higher at the end of trade today. Megaport shares joined the green run, jumping 4.66%, and the NextDC Ltd (ASX: NXT) share price closed 1.8% higher.
The S&P/ASX All Technology Index (ASX: XTX) finished the day up 1.31%.
NASDAQ leads the lift
ASX 200 technology shares followed in the footsteps of the tech-heavy NASDAQ in the United States on Wednesday.
Stronger investor sentiment appeared to drive these strong gains, as my Foolish colleague James reported earlier.
The NASDAQ Composite Index jumped 2%. Meta Platforms Inc (NASDAQ: META) soared 5.36%, while Affirm Holdings Inc (NASDAQ: AFRM) leapt 6.55%.
Block’s New York Stock Exchange listing, Block Inc (NYSE: SQ), rose 7%.
However, some analysts are concerned investors have not fully priced in rate rikes and the impact on earnings, CNBC reported.
Duquesne Capital founder and billionaire investor Stanley Druckenmiller, quoted by the publication on Wednesday, warned a recession could be looming. He said:
I will be stunned if we don’t have recession in ’23. I don’t know the timing but certainly by the end of ’23. I will not be surprised if it’s not larger than the so-called average garden variety.
The post The market has had a great day, but these ASX 200 tech shares smashed it appeared first on The Motley Fool Australia.
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More reading
- 3 ASX 200 companies that could benefit from a falling Aussie dollar
- September living up to its ‘worst month of the year’ reputation as ASX 200 finally cracks
- Here are the top 10 ASX 200 shares today
- Why the Megaport share price is up 5% and could keep climbing
- Here are the top 10 ASX 200 shares today
Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Motley Fool contributor Monica O’Shea 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 Affirm Holdings, Inc., Block, Inc., MEGAPORT FPO, Meta Platforms, Inc., and WiseTech Global. The Motley Fool Australia has positions in and has recommended Block, Inc. and WiseTech Global. The Motley Fool Australia has recommended MEGAPORT FPO and Meta Platforms, Inc. 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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