- The S&P/ASX All Technology Index (ASX: XTX) dropped 2.86% today
- Brainchip, Appen, Block, Altium, Megaport, Technology One and NextDC all plummeted
- US Nasdaq technology shares fell in morning trade yesterday before staging a major recovery.
ASX technology shares slumped overall today, failing to replicate the recovery of Nasdaq US tech stocks overnight.
The S&P/ASX All Technology Index (ASX: XTX) dived 2.86% to close at 2,522 points.
Let’s take a look at the performance of some key ASX tech shares today.
How did ASX tech shares perform?
What happened in the US?
ASX tech shares often follow the movement of the tech-heavy Nasdaq Index, as my Foolish colleague Brooke noted yesterday.
But while the US Nasdaq may have staged a tech sell-off in morning trade yesterday, afternoon trade saw investors buying up. The dramatic turnaround came after the US Treasury auctioned two-year notes, VOA News reported.
The Nasdaq-100 Technology Sector (NASDAQ: NDXT) finished 1.65% in the green. However, between market close on 21 January in the United States and 12.30pm yesterday, the index fell 4.71%. It then staged a massive recovery of 6.76% in afternoon trade.
Amazon.com Inc (NASDAQ: AMZN) gained 1.33% after falling 4.46% between market close on 21 January and 12.30pm.
Meanwhile Microsoft Corporation (NASDAQ: MSFT) also climbed 0.11% overall after falling 5.37% in the same time frame. Apple Inc (NASDAQ: AAPL) finished just 0.49% in the red after falling 4.18% up to 12.30pm.
While ASX tech shares stabilised this afternoon, most did not stage the comeback of their US counterparts.
However, Megaport certainly showed some recovery. Despite falling 4.4% on the previous close to a low of $14.43 at 12.19pm, it regained 2.56% of this loss in afternoon trade to finish at $14.80.