ASX 200 tech shares in focus as Nasdaq plunges 1.7%

Here's what happened on US markets overnight.

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US markets tumbled on Wednesday, putting the spotlight on S&P/ASX 200 Index (ASX: XJO) tech shares for Thursday's session. As most of Australia slept, the Nasdaq Composite fell 1.66% while the S&P 500 Index dropped 0.82%.

The slip followed the release of data that showed US inflation hit a 30-year high in October.

Over the 12 months ended October, the US's consumer price index increased 6.3%. The index measures how prices for goods and services change month-to-month.

According to reporting by the Wall Street Journal, the initial impact of the data saw the price of stocks drop and that of bonds bolster.

man grimaces next to falling stock graph

Image source: Getty Images

Which stocks dragged on the US market overnight?

Nasdaq

The biggest weights on the Nasdaq Composite include the Moderna Inc (NASDAQ: MRNA) share price, which fell 3.33%.

That of Amazon.com, Inc. (NASDAQ: AMZN) also dropped 2.63% while the newly re-branded Meta Platforms Inc (NASDAQ: FB) share price dipped 2.3%.

Interestingly, the Tesla Inc (NASDAQ: TLSA) share price slightly recovered from its earlier 16% plunge. It gained 4.34% on Wednesday.

S&P 500

Weighing on the S&P 500 were the share prices of Ford Motor Company (NYSE: F), Nike Inc (NYSE: NKE), and Twitter Inc (NYSE: TWTR).

They fell 3.7%, 3.1%, and 2.5% respectively.

ASX 200 tech shares in focus

The dip in US markets might make for an interesting day on the ASX. Particularly, since ASX 200 tech shares tend to trend in line with their Nasdaq-listed peers.

One of the obvious share prices to keep an eye on is that of Afterpay Ltd (ASX: APT). The buy now, pay later company's suitor, Square Inc (NYSE: SQ) saw its share price drop 1.55% overnight.

Both the Xero Limited (ASX: XRO) and Nuix Ltd (ASX: NXL) share prices could also be in for a big session on Thursday.

The 2 ASX 200 tech shares have already struggled this week. They've both fallen 4% since Friday's close.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Meta Platforms, Inc., Square, 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 Australia has recommended Amazon, Meta Platforms, Inc., and Nike. 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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