Appen share price tumbles 4% amid ASX tech sell-off

Is this dampening the Appen share price today?

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Key points

  • The Appen share price is plummeting on Wednesday, trading 4.4% lower at $6.43 
  • Its struggles come as the ASX 200 tech sector underperforms its peers 
  • The sector's suffering was likely born from a disastrous session on the Nasdaq Index overnight  

The Appen Ltd (ASX: APX) share price is plunging amid a broader sell-off in the company’s sector.

At the time of writing, the Appen share price is $6.43, 4.46% lower than its previous close.

For context, the All Ordinaries Index (ASX: XAO) and S&P/ASX 200 Index (ASX: XJO) are 0.85% and 0.89% lower respectively right now.

Meanwhile, the tech sector is struggling. Let’s take a closer look at how the provider of artificial intelligence data and its peers are performing on Wednesday.

What’s going on with the Appen share price?

The Appen share price is suffering on Wednesday, alongside its peers on the ASX 200.

Right now, the S&P/ASX 200 Information Technology Index (ASX: XIJ) is falling 2.47%, making it the market’s worst performing sector.

The drop is being led by the Life360 Inc (ASX: 360) share price. It’s dumping 25.66% on the back of its quarterly results.

The share price of Block Inc (ASX: SQ2) is also suffering today, slipping 6% at the time of writing.

In fact, the Computershare Limited (ASX: CPU) share price is the only ASX 200 tech stock trading in the green. It’s up 0.08% right now.

It’s not such a blood bath on the S&P/ASX All Technology Index (ASX: XTX). Though, the index has slipped 1.75%.

The sector’s struggles follow a devastating session on the tech heavy Nasdaq Index overnight (Australia time). The Nasdaq-100 plunged 3.87% in Tuesday’s session overseas.

The Appen share price is currently 42% lower than it was at the start of 2022. It has also dropped 57% since this time last year.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd, Block, Inc., and Life360, Inc. The Motley Fool Australia owns and has recommended Block, Inc. 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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