Key points
- ASX tech shares were hammered across the board today
- The All Technology index fell 4.32%
- The Block share price dived nearly 10%.
ASX tech shares plummeted today amid a disastrous day for buy now, pay later (BNPL) shares.
The S&P ASX All Technology Index (ASX: XTX) was by far the worst-performing sector on the ASX, ending the day down 4.32%.
Let's take a look at what might have impacted the technology sector today.
How did ASX tech shares perform today?
The All Technology index was pulled down by a huge number of ASX tech shares today.
The BrainChip Holdings Ltd (ASX: BRN) share price took the biggest hit, down 9.66%. This follows big gains for the company over the past three days.
WiseTech Global Ltd (ASX: WTC) shares tumbled 7.97%, the Altium Limited (ASX: ALU) share price sunk 6.94%, while shares in Appen Ltd (ASX: APX) plummeted 6.75%, as reported by my Foolish colleague James earlier today.
The TechnologyOne Ltd (ASX: TNE) share price slipped 6.63%, with Megaport Ltd (ASX: MP1) shares not far behind, losing 6.48%.
It was also a bad day for Xero Limited (ASX: XRO), NextDC Ltd (ASX: NXT), and Computershare Limited (ASX: CPU) shares, which fell 4.97%, 3.38%, and 1.79% respectively
BNPL shares including the Block Inc CDI (ASX: SQ2) share price played a part in dragging down the technology index.
Between market close yesterday and 10.30am this morning, the company's ASX listing dropped 8% alone. By the close of trading today, it had sunk 9.75%. Investors were likely reacting to the performance of its US listing.
The Block Inc (NYSE: SQ) share price fell 10.63% in the United States in yesterday's trade. In after-hours trade, the share has fallen a further 8%.
As my Foolish colleague Brooke reported recently, ASX tech shares tend to follow the movement of Nasdaq counterparts.
And it's not just the performance of Block that is spooking investors. Meta Platforms Inc (NASDAQ: FB), the owner of Facebook, crashed 22.89% in after-hours trade on the Nasdaq. The company's earnings report fell short of expectations.
Financial technology giant PayPal (NASDAQ: PYPL) also shed 25% in the US yesterday after a disastrous earnings report.
On the ASX, BNPL shares Zip Co Ltd (ASX: Z1P) also slumped 9.63% today while Openpay Group Ltd (ASX: OPY) sunk 8.82%.
