Why are ASX tech shares struggling today?


Multiple ASX tech shares are having a horror day on the market today.

The S&P/ASX All Technology Index (ASX: XTX) is down 1.2% while the S&P/ASX 200 Info Tech Index (ASX: XIJ) is falling 0.8%.

Let’s take a look at what could be impacting ASX tech shares.

The Megaport Ltd (ASX: MP1) share price is diving 6% today while the Appen Ltd (ASX: APX) share price has plummeted nearly 7%.

Block Inc (ASX: SQ2) shares have fallen 3.96% while WiseTech Global Ltd (ASX: WTC) shares are 1.46% down.

Life360 Inc (ASX: 360) shares have descended 6.8%, TechnologyOne (ASX: TNE) shares are down 2.04%, and Xero Limited (ASX: XRO) shares are falling 1.55%.

ASX tech shares appear to be declining following a tough night on the NASDAQ in the United States.

NASDAQ-100 Technology Sector Index (NASDAQ: NDXT) fell 1.16% in the US overnight., Inc. (NASDAQ: AMZN) shares descended nearly 3% while Microsoft Corporation (NASDAQ: MSFT) slid 1.05%. Block’s US listing (NYSE: SQ) also tumbled 2.21% overnight.

Commenting on this movement, CFRA Research chief investment strategist Sam Stovell was quoted by Reuters as saying:

The reason for lack of direction this week and next week is investors are looking for what’s going to happen in the second quarter reporting period.

Source: Read More

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