Multiple ASX tech shares are having a horror day on the market today.
The S&P/ASX All Technology Index (ASX: XTX) is down 1.2% while the S&P/ASX 200 Info Tech Index (ASX: XIJ) is falling 0.8%.
Let's take a look at what could be impacting ASX tech shares.
Why are tech shares in the red?
The Megaport Ltd (ASX: MP1) share price is diving 6% today while the Appen Ltd (ASX: APX) share price has plummeted nearly 7%.
Block Inc (ASX: SQ2) shares have fallen 3.96% while WiseTech Global Ltd (ASX: WTC) shares are 1.46% down.
Life360 Inc (ASX: 360) shares have descended 6.8%, TechnologyOne (ASX: TNE) shares are down 2.04%, and Xero Limited (ASX: XRO) shares are falling 1.55%.
ASX tech shares appear to be declining following a tough night on the NASDAQ in the United States.
NASDAQ-100 Technology Sector Index (NASDAQ: NDXT) fell 1.16% in the US overnight.
Amazon.com, Inc. (NASDAQ: AMZN) shares descended nearly 3% while Microsoft Corporation (NASDAQ: MSFT) slid 1.05%. Block's US listing (NYSE: SQ) also tumbled 2.21% overnight.
Commenting on this movement, CFRA Research chief investment strategist Sam Stovell was quoted by Reuters as saying:
The reason for lack of direction this week and next week is investors are looking for what's going to happen in the second quarter reporting period.
