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?
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.
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.