Why are ASX 200 tech shares having such a lousy day?

Its a bad day to own shares in these ASX 200 tech stocks…

| More on:
A man at his desk in an office holds his hands up in the air in frustration while looking at the falling share price on his computer screen.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Monday’s session is proving to be a bad day for S&P/ASX 200 Index (ASX: XJO) technology shares.

The S&P/ASX 200 Info Tech Index (ASX: XIJ) is one of the worst-performing indexes today, having fallen 1.51% at the time of writing. The S&P/ASX All Technology Index (ASX: XTX) is also flopping. It’s dipped 1.59% right now.

For context, the ASX 200 is in the shallow end of the red, sporting a 0.19% drop.

So, what has caused the ASX tech sector’s slump and which shares are suffering as a result? Let’s take a look.

What’s weighing on the sector?

ASX 200 tech shares are struggling to stay afloat today despite no obvious weight having been placed on them.

While the sector often trends alongside the tech-heavy NASDAQ Composite, the New York-based market hasn’t opened yet.

Additionally, the composite recorded a record high close for the second day in a row at the end of Friday’s session. It gained 0.16% on Friday to finish at 15,971.59 points.  

Additionally, there’s been no news from the sector’s biggest weights.

These ASX 200 tech shares are sinking today

The biggest loser of the ASX 200 information technology sector today is the Nuix Ltd (ASX: NXL) share price.

It’s fallen 4.61% at the time of writing and is trading at $2.90. The dip comes despite the company’s silence.

Xero Limited (ASX: XRO) is the index’s second-worst performer. Its share price is recording a drop of 3.55% and trading at $148.98.

Meanwhile, ASX favourite Afterpay Ltd (ASX: APT) is also in the red, falling 0.8% to $116.54.

In fact, only one ASX 200 tech stock is seeing its share price gain. That is Iress Ltd (ASX: IRE) – up 0.58%.

Though, unfortunately, there is no clear explanation for those movements either.

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 Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Technology Shares

A man holds up a block from falling in a row of dominos.
Technology Shares

Why is the Block share price tumbling 5% on Wednesday?

Block shares are erasing this week's gains...

Read more »

A couple sit at a desk with tissues and tears in their eyes while they look at a laptop computer screen with a camera set up in the foreground suggesting they are making a video.
Technology Shares

What’s going so wrong for ASX 200 tech shares on Wednesday?

ASX 200 tech shares are leading the market's losses today. What's going on?

Read more »

Three people gather around a large computer screen where they are looking at something that is captivating their interest with a graphic image of data and digital technology material superimposed to the right hand third of the image.
Technology Shares

Is the Megaport share price a buy following the company’s latest results?

Could Megaport go higher?

Read more »

Three colleagues stare at a computer screen with serious looks on their faces.
Dividend Investing

‘Exciting’ ASX 200 dividend share expected to deliver material returns: expert

Investors seeking income stocks need to do more than simply look at what the companies paid out over the past…

Read more »

Two men laughing while bouncing on bouncy balls
Share Gainers

Why is the BrainChip share price bouncing 6% higher today?

What's causing the BrainChip share price to pop on Tuesday?

Read more »

Man pointing at a blue rising share price graph.
Earnings Results

Megaport share price rises as revenue lifts 40%

Investors appeared to react positively to Megaport's results.

Read more »

a man sits at his desk wearing a business shirt and tie and has a hearty laugh at something on his mobile phone.
Technology Shares

Here are 2 excellent ASX tech shares a top broker says are buys

Here are two highly rated ASX tech shares...

Read more »

A cloud with a blue arrow pointing upwards through its middle symbolising a rising asx share price
Share Gainers

Guess which ASX tech share just soared 40% on takeover news

This small-cap ASX tech share has shot up 40% today.

Read more »