The Block share price is tumbling 7% today. What’s going on?

Block’s US listing gained on Friday, but the company’s stock is tumbling on the ASX today.

| More on:
man grimaces next to falling stock graph

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The Block share price is tumbling on Monday, falling nearly 7% to trade at $133.27 
  • That's despite the company's US listing finishing last week in the green 
  • However, the ASX 200 tech sector is deep in the red today. Right now, it's recording a 3.3% slump 

The Block Inc (ASX: SQ2) share price is suffering on Monday despite the company’s New York-listed stock’s gains.

At the time of writing, the Block share price is down 6.75% on the ASX, trading at $133.27.

For context, the S&P/ASX 200 Index (ASX: XJO) is also falling today. It is currently down 1.53%.

So what’s got the company’s Australian counterpart feeling so blue (or red) today? Let’s take a look.

What’s going on with the Block share price?

Block’s shares are suffering alongside its ASX 200 technology peers on Monday.

Right now, the S&P/ASX 200 Information Technology Index (ASX: XIJ) is recording a 3.3% slump, and Block’s stock isn’t its biggest weight.

The Novonix Ltd (ASX: NVX) share price takes home that unfortunate prize. It’s currently down 8.2%.

At least Block’s stock is well versed in falling. It slumped 1.8% on Friday amid the release of the company’s quarterly earnings.

Interestingly, those same results appeared to incite stock in Block Inc (NYSE: SQ) – the company’s original US-based listing – to lift 0.61% after the Australian market closed for the week.  

Today’s tumble included, the Block share price has fallen 19% over the last 30 days on the ASX.

It’s also 24% lower than it was when it joined the Australian exchange following its takeover of former market darling, Afterpay earlier this 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. has positions in and has recommended Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Technology Shares

A man in a suit face palms at the downturn happening with shares today.
Technology Shares

Why did the BrainChip share price crash 30% in June?

BrainChip's shares were sold off in June. Here's why...

Read more »

Man looks frustrated looking at computer screen in an office
Technology Shares

The Xero share price lost 14% last month. Here’s the tea

It's been a tough few weeks for the accounting software company.

Read more »

digital screen of bar chart representing asx tech shares
Technology Shares

Broker names 3 of the best ASX tech share to buy in FY23

These tech shares could be buys in FY 2023...

Read more »

Technology written in orange in tech sector financial diagram.
Technology Shares

What on earth happened to ASX 200 tech shares in June?

Why did ASX 200 tech shares have such a horrible month over June?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Technology Shares

Why did the Kogan share price sink 22% in June?

Kogan's shares were sold off again in June...

Read more »

Three different hands against a blue backdrop signal thumbs up, indicating share price rise on the ASX market
Technology Shares

Why this top broker just slapped a buy rating on Xero shares

Xero shares could be great value according to Morgans...

Read more »

Three businesspeople leap high with the CBD in the background.
Technology Shares

Why is the PointsBet share price storming 13% higher today?

PointsBet's shares are jumping again on Thursday...

Read more »

a group of three young men sit on a sofa in a home environment with a bowl of popcorn and beer bottls in front of them cheering on one of their group as he looks excitedly at his phone as though he's just had some success on an online gambling app.
Technology Shares

Why is the BetMakers share price charging 7% higher today?

BetMakers shares are having a decent start to the day...

Read more »