The Afterpay (ASX:APT) share price is falling on Friday

It’s a bad day for the tech index, and Afterpay is among the leaders of its downfall.

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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.

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.

Should you invest $1,000 in Afterpay right now?

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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