It's been a rollercoaster week so far for the Block Inc CDI (ASX: SQ2) – formerly named Square – share price, and today is no different.
After gaining around 9.2% on Monday, the payment services provider's stock tumbled 5.1% on Tuesday.
It turned its slip around on Wednesday to gain another 7.49%. Unfortunately, it's handing back much of that today.
At the time of writing, the Block share price is $183.19, 2.61% lower than its previous close.
However, at its intraday low of $179.29, the Block share price was recording a 4.68% drop.
So, what's weighing the company's stock down today? Let's take a look.
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Why is the Block share price in the red on Thursday?
Block's stock is suffering alongside many of its S&P/ASX 200 Index (ASX: XJO) peers.
The S&P/ASX Information Technology Index (ASX: XIJ) is the worst-performing ASX 200 sector today, having slipped 1.03%. Meanwhile, the S&P/ASX All Technology Index (ASX: XTX) is down 0.96%.
And while the sector struggles, Block is proving to be one of its biggest weights.
Its dip is only surpassed by the share prices of Life360 Inc (ASX: 360) and Megaport Ltd (ASX: MP1). They've fallen 2.74% and 2.61% at the time of writing.
On the opposite end of the spectrum, the EML Payments Ltd (ASX: EML) share price is the sector's best performer, having gained 3.07%. Meanwhile, that of TechnologyOne Ltd (ASX: TNE) is up 0.48%.
Computershare Limited (ASX: CPU) stock is also in the green, having gained 0.08%.
And for comparison's sake, given Block is the owner of former market-darling Afterpay, the Zip Co Ltd (ASX: Z1P) share price is suffering today.
It has fallen 6.08% at the time of writing despite no news released by the buy now, pay later company.
The Block share price's slide comes after its New York listing tumbled 4.5% overnight.
The NASDAQ Index also suffered in yesterday's session, slipping 1.32%.
