Home / Sector / Technology Shares / Why are ASX 200 tech shares having such a cracking Friday?

Why are ASX 200 tech shares having such a cracking Friday?

It's a good day to be invested in ASX 200 tech stocks.

Posted by
Brooke Cooper
Brooke has been a Motley Fool contributor since early 2021. She holds a Bachelor of Communication with specialisations in journalism and international studies from Charles Sturt University. Brooke aims to inform and excite Aussies keen to grow their wealth by investing in ASX companies. When not writing or researching, you'll likely find Brooke gallivanting around South East Queensland.
Published
| More on:

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
  • A strong performance on the Nasdaq index has likely bolstered ASX 200 tech stocks on Friday
  • The tech sector is the ASX 200's best performer today, gaining 2.5% 
  • Among the sector's leaders are WiseTech and Block Inc with market favourites Novonix and Xero also recording notable increases

S&P/ASX 200 Index (ASX: XJO) tech shares are leading the market on Friday following a strong session on Wall Street overnight.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) rose 2.69% as most Australians slept. At the same time, the S&P 500 Index (SP: .INX) gained 1.84% and the Dow Jones Industrial Average lifted 1.33%.

At the time of writing, the ASX 200 Information Technology Index (ASX: XIJ) is 2.56% higher. It's being driven by some of the market's most well-known names. For comparison, the ASX 200 is currently up 0.79%.

Let's take a look at what's helping to boost ASX 200 tech shares today.

A man and a woman sitting in a technology-related work environment high five each other while the man wears headphones around his neck and the woman sits in front of a laptop.

Image source: Getty Images

ASX 200 tech shares lead the market on Friday

ASX 200 tech shares are taking off on Friday after their international counterparts recorded strong gains.

Among Thursday's Nasdaq-listed winners were tech giants Tesla Inc (NASDAQ: TSLA) and Meta Platforms Inc (NASDAQ: FB). They gained 4.68% and 5.42% respectively.

Meanwhile, Amazon.com Inc (NASDAQ: AMZN) leapt 3.15% higher.

ASX 200 tech giants such as WiseTech Global Ltd (ASX: WTC) and Block Inc (ASX: SQ2) have followed suit and are outperforming on Friday.

Right now, shares in WiseTech are trading 5% higher at $42.96, while Block shares are also among the sector's best performers, gaining 4.67% to reach $119.93.

 Meanwhile, market favourites Novonix Ltd (ASX: NVX) and Xero Limited (ASX: XRO) are lifting 4.5% and 2.8% respectively.

Today's gains are likely to be particularly welcome for ASX 200 tech fans as the sector has been severely underperforming in 2022.  

It has tumbled more than 32% since the start of this year. For context, the ASX 200 is down nearly 5% year to date.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. 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 Amazon, Block, Inc., Meta Platforms, Inc., Tesla, WiseTech Global, and Xero. The Motley Fool Australia has positions in and has recommended Block, Inc., WiseTech Global, and Xero. The Motley Fool Australia has recommended Amazon and Meta Platforms, 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 wearing spectacles has a satisfied look on his face as he appears within a graphic image of graphs, computer code and technology related symbols while he concentrates on a computer screen
Technology Shares

Are these the smartest ASX tech stocks to buy now with $2,000?

| Grace Alvino

When high-quality tech stocks fall sharply, it can create opportunity.

Read more »

Green arrow going up on stock market chart, symbolising a rising share price.
Technology Shares

2 ASX tech shares that could double from here

| Marc Van Dinther

Despite sharp recent falls, brokers continue to back these growth stocks.

Read more »

A young man talks tech on his phone while looking at a laptop with a financial graph superimposed across the image.
Technology Shares

Xero shares rise again. Is this the start of a turnaround?

| Aaron Teboneras

Xero shares rise but remain down 30% in 2026.

Read more »

A man sits with his head in his hand, looking quite dejected, as he holds a rubber tipped pen on the screen of a computer showing a graph trending downwards.
Technology Shares

Has the WiseTech stock finally hit rock bottom?

| Aaron Teboneras

WiseTech shares slide 34% this year as selling pressure begins easing.

Read more »

A female soldier flies a drone using hand-held controls.
Technology Shares

Electro Optic Systems just had its DroneShield moment. Here's what investors should know

| Kevin Gandiya

Stocks like EOS and DroneShield can deliver exceptional returns, but those returns come with volatility.

Read more »

A doctor appears shocked as he looks through binoculars on a blue background.
Technology Shares

Up over 900%: Is it too late to buy this incredible ASX tech stock?

| Samantha Menzies

The ASX stock has come off the boil in 2026 as investors pull back.

Read more »

An army soldier in combat uniform takes a phone call in the field.
Technology Shares

EOS shares rebound after yesterday's 16% plunge as insiders move to cash out

| Kevin Gandiya

EOS shares have been on a remarkable run, rising roughly 7x over the past year.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Technology Shares

The bulls are coming: 2 of the best ASX 200 shares to buy now to get ahead

| Grace Alvino

Here are two ASX 200 shares that I think could bounce back strongly.

Read more »