S&P/ASX 200 Index (ASX: XJO) tech shares are enjoying a much-needed turnaround today.
At the time of writing tech shares are among the strongest performers, as witnessed by the 3.1% gain in the S&P/ASX All Technology Index (ASX: XTX), which includes companies outside of ASX 200 tech shares.
The ASX 200 itself is up 1.3% at this same time.
Why are tech stocks rebounding?
Tech shares look to be getting a lift from a late afternoon rally in the tech heavy Nasdaq yesterday (overnight Aussie time).
With barely an hour to go before the closing bell, the Nasdaq was down 2.2% for the day. Then investors piled in, seeing the index finish up a slender 0.1%.
After a tough year, these ASX 200 tech shares are leaping higher
WiseTech Global Ltd (ASX: WTC), like most every tech stock, has struggled this year amid fast rising inflation and interest rate hike expectations. That's seen its share price tumble 34.5% year-to-date.
But today, the shareholders of the company which provides cloud-based software solutions for the logistics sector, can breathe easier, with shares up 2.3%.
Xero Limited (ASX: XRO), a business and accounting software provider, is also down 44.5% in 2022. But not today. At the time of writing, the Xero share price stands at $80.48, up 4.7%.
Leading the charge among ASX 200 tech shares is global payment systems giant Block Inc (ASX: SQ2). Block hasn't been immune to the wider tech market rout, with shares down 37.1% since 4 January.
Today the Block share price is surging higher, up 12.1%.
