ASX 200 tech shares are starting the week on a high, following a similar path to those on US markets.
The S&P/ASX All Technology Index (ASX: XTX) is up 2.08% at the time of writing at 2,096.4 points after rising 4% higher earlier in the session. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.2% so far today.
Let's take a look at why ASX 200 tech shares could be climbing today.
Technology shares rise
ASX 200 tech share Block Inc (ASX: SQ2) is soaring 4.15% at the time of writing, while the Xero Ltd (ASX: XRO) share price is 3.81% higher. Wisetech Global Ltd (ASX: WTC) shot up 4.8% early in the day and has now settled at 0.41% higher.
Meanwhile, Altium Limited (ASX: ALU) is ahead 1.93% and TechnologyOne Ltd (ASX: TNE) is 1% higher.
ASX technology shares often follow in the footsteps of their US counterparts. On Friday, US tech shares were surging. The Nasdaq-100 Technology Sector Index (NASDAQ: NDXT) soared 5.67% on Friday. Apple Inc (NASDAQ: AAPL) leapt 3.19%, while Microsoft Corporation (NASDAQ: MSFT) jumped 2.26%, Meta Platforms Inc (NASDAQ: FB) jumped 3.86% and Telsa Inc (NASDAQ: TSLA) rocketed 5.71%.
Commenting on this market recovery on Friday, CFRA chief investment strategist Sam Stovall told CNBC:
Just as trees don't climb to the sky, prices don't fall forever. Even in corrections and approaching bear markets, they tend to experience relief rallies, which is what the markets appear to be starting today.
Meanwhile, on the New York Stock Exchange, Block Inc (NYSE: SQ) soared 11.07%
Share price snapshot
The All Technology Index has fallen 16% over the past year, while it is down 30% year to date.
In the past month, the index has shed nearly 14%, while it has dropped almost 3% in the past week.
For perspective, the ASX 200 has climbed nearly 2% in the past year while it has fallen 4% year to date.
