The Afterpay Ltd (ASX: APT) share price is dropping today, along with the entire tech sector.
Currently, the buy now, pay later (BNPL) giant's shares are trading for $116.85, 5.5% lower than they were at yesterday's close.
The Afterpay share price's woes are dragging on the S&P/ASX All Technology Index (ASX: XTX), which is dipping 3.18% right now.
The broader market is also falling today. The All Ordinaries Index (ASX: XAO) is down 1.33% and the S&P/ASX 200 Index (ASX: XJO) is falling 1.37%.
Let's take a closer look at how the Afterpay share price is performing today.
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What's up with Afterpay today?
The Afterpay share price opened at $121 today. That was 2.1% lower than its previous closing price of $123.65.
It's since plummeted lower, losing the 4.5% it had gained since last Friday's close. Unless it makes a comeback this afternoon – which is seems unlikely right now – Afterpay will finish the week in the red for the second week in a row.
Fortunately or unfortunately, Afterpay isn't alone in its pain today.
The company's BNPL competitor Zip Co Ltd (ASX: Z1P) is suffering alongside it.
The Zip share price is currently 5.24% lower than its previous close, with shares in the company trading for $8.32.
Afterpay share price snapshot
Today's major fall has put Afterpay shares back in the red. They're currently down 2.47% year to date.
However, they're still trading for 57% more than they were this time last year.
The company has a market capitalisation of around $35.8 billion, with approximately 290 million shares outstanding.
