The S&P/ASX 200 Index (ASX: XJO) is slipping today, weighed down by the S&P/ASX 200 Information Technology Index (ASX: XIJ).
At the time of writing, the ASX 200 is down 0.9%, having fallen 66 points.
Meanwhile, the ASX 200 tech sector is down a whopping 2.4% or 58 points.
The S&P/All Technology Index (ASX: XTX) is also down 2% at the time of writing.
The dip is being led by the Megaport Ltd (ASX: MP1) share price and its 6% fall.
In fact, Link Administration Holdings Ltd (ASX: LNK) is the only member of the information technology sector in the green today. The company’s share price is up 0.5% despite no price-sensitive news having been released to the ASX.
The dips come despite no price-sensitive news having been released by any of the above companies.
So, what’s weighing so heavily on the index on Tuesday? Let’s take a look.
What’s dragging ASX 200 tech shares down?
Today’s fall from ASX tech shares follows a similar slide seen in US markets overnight.
While most of Australia slept, the S&P 500 (IndexSP: .INX) – the 500 largest companies listed on US markets – fell 0.28%.
Like today’s ASX 200, it was dragged down by tech shares. The US tech sector fell 1% on Monday (Tuesday AEST).
At the same time, the tech-heavy Nasdaq Composite fell 0.52%.
Some of their weights included stock in tech giants Alphabet Inc Class A (NASDAQ: GOOGL), Apple Inc (NASDAQ: AAPL), and Microsoft Corporation (NASDAQ: MSFT), which fell 0.8%, 1%, and 1.7% respectively.
Also worth noting, the US’s healthcare sector fell 1.4% overnight. That trend is also being mirrored on the ASX today.
The S&P/ASX 200 Health Care Index (ASX: XHJ) is down 2.8% at the time of writing.