The S&P/ASX 200 Index (ASX: XJO) has closed on a dire week for ASX tech stocks, in which the Novonix Ltd (ASX: NVX) share price was one of the hardest hit.
The battery materials and technology stock plunged 19.94% over the market’s four-day week. As of Friday’s close, the Novonix share price is $2.50.
For context, the ASX 200 tumbled 6.6% in that time, and the S&P/ASX 200 Information Technology Index (ASX: XIJ) slumped 9.8%.
Let’s take a closer look at what went wrong for Novonix and its ASX 200 technology peers this week.
The Novonix share price struggled this week alongside many of the market’s favourite tech stocks.
Block Inc (ASX: SQ2), Xero Limited (ASX: XRO), and WiseTech Global Ltd (ASX: WTC) dropped 25%, 11%, and 9% respectively.
The tech sector’s tumble came on the back of a similar downturn on Wall Street in the United States.
Since the US market closed on Thursday (Friday Aussie time), the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) has slipped 9.4%.
Meanwhile, the benchmark S&P 500 plummeted into bear market territory during Monday’s session overseas.
That likely lead the broader Australian market to tumble when it opened after the Queen’s Birthday long weekend on Tuesday.
Interestingly, Novonix’s stock actually gained on Thursday and Friday, lifting 1.2% over the consecutive sessions.
However, it fell 8% on Tuesday and was the ASX 200’s worst performer on Wednesday, plunging 14%.
This week’s downturn included, the Novonix share price has fallen 72% since the start of 2022. It’s also 76% lower than it was this time last year.
Source: Read More