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.
Which stocks dragged on the US market overnight?
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.
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.
The 2 ASX 200 tech shares have already struggled this week. They’ve both fallen 4% since Friday’s close.