ASX 200 midday update: Block and Zip crash amid market selloff

The ASX 200 is being sold off…

| More on:
sad man with his hand over his face on news of the ASX share price falling

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

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very disappointing decline. The benchmark index is currently down 4.7% to 6,609.6 points.

Here’s what is happening on the ASX 200 today:

ASX 200 crashes

The ASX 200 index is crashing on Tuesday following a selloff on Wall Street overnight. This has been sparked by fears that rising rates to combat decades-high inflation in the United States could stifle economic growth or even lead to a recession. The selling has been across the board, with not a single sector currently trading higher today.

Tech shares sold off

The tech sector has been a sea of red on Tuesday with the likes of Block Inc (ASX: SQ2) and Zip Co Ltd (ASX: ZIP) among the worst performers in the sector. Both payments companies have seen their shares trade over 19% lower at lunch. This has led to the S&P/ASX All Technology Index sinking over 7% to a new 52-week low today.

Pro Medicus’ contract renewals

The Pro Medicus Limited (ASX: PME) share price is sinking with the market despite the healthcare technology company making a positive announcement. Pro Medicus revealed that its Visage Imaging business has signed two key contract renewals with a combined value of $47 million. Both deals are transaction based with committed minimums and have been negotiated at a higher per transaction cost than their original contracts.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Uniti Group Ltd (ASX: UWL) share price with a 0.5% gain on no news. The worst performer has been the Zip share price with a 20% decline. Loss-making tech shares have been hit particularly hard during today’s selloff.

Motley Fool contributor James Mickleboro 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. and Pro Medicus Ltd. The Motley Fool Australia has positions in and has recommended Block, Inc. and Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

three young children weariing business suits, helmets and old fashioned aviator goggles wear aeroplane wings on their backs and jump with one arm outstretched into the air in an arid, sandy landscape.
Share Market News

3 ASX All Ordinaries shares rocking new 52-week highs on Wednesday

Which All Ords shares have recorded new 12-month highs today?

Read more »

share price high, all time record, record share price, highest, price rise, increase, up,
Share Market News

Here are the top 10 ASX 200 shares today

These 10 ASX 200 shares outperformed all others on Wednesday.

Read more »

a group of three people carry a large block to line it up in ascending order with two other blocks nearby.
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Wednesday

Our most traded ASX 200 share today is up 10%.

Read more »

A man in his office leans back in his chair with his hands behind his head looking out his window at the city, sitting back and relaxed, confident in his ASX share investments for the long term.
Share Market News

ASX investors are still feeling confident. Here’s why

ASX investors are still confident in the markets. Here's why...

Read more »

a man in a business shirt, tie and suit holds a mobile phone to his ear while he drinks a large glass of milk.
Share Market News

A2 Milk share price on watch amid FDA update

Here's what the FDA said...

Read more »

A man in a suit smiles at the yellow piggy bank he holds in his hand.
Share Market News

Is the NAB share price a buy following the bank’s latest update?

Are NAB's shares in the buy zone after its update?

Read more »

Business woman watching stocks and trends while thinking
Share Market News

5 things to watch on the ASX 200 on Wednesday

Another big day is expected for the ASX 200 on Wednesday...

Read more »

A woman lies back and relaxes in her boat with a big smile on her face as it floats on the rising tide.
Share Market News

Why the Charter Hall Long WALE REIT share price isn’t rocking the boat

It's steady as she goes for this ASX real estate investment trust.

Read more »