The Appen Ltd (ASX: APX) share price is skyrocketing after a seven-session losing streak.
The stock is recovering alongside the broader ASX tech sector, which is also regaining lost ground on Thursday.
At the time of writing, the Appen share price is $5.70, 11.76% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.41%. The S&P/ASX 200 Information Technology Index (ASX: XIJ) is up 2.31%.
Let’s take a closer look at what’s going on with the artificial intelligence data developer and its tech peers.
The Appen share price is bouncing back from a near five-year low in yesterday’s trade.
The stock tumbled to $5.10 in intraday trade on Wednesday – the lowest it’s been since 2017.
Today, it’s the best-performing ASX 200 share. It’s beating the 6%-plus gains posted by EML Payments Ltd (ASX: EML) and Pilbara Minerals Ltd (ASX: PLS).
In the ASX 200 tech sector, Appen’s performance is shadowed by NextDC Ltd (ASX: NXT). Its stock is currently up 5.7%.
The tech index is the best performer out of all 11 ASX 200 sectors today. Looking to the broader tech sector, the S&P/ASX All Technology Index (ASX: XTX) is also up, gaining 1.9%.
This comes after the tech-heavy NASDAQ Composite (INDEXNASDAQ: .IXIC) lifted 2.5% overnight amid the United States’ biggest rate hike in decades.
The nation’s Federal Reserve lifted rates by 0.75% on Wednesday (US time). However, the Fed assured that future hikes of such magnitude would be rare and the economy could absorb the blow.
Today’s gains included, the Appen share price is nearly half of what it was at the start of 2022. It has also slipped nearly 58% since this time last year.
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