The Xero Limited (ASX: XRO) share price is down almost 6% today with the cloud accounting provider losing some of the gains it's made over the last week.
At the time of writing, Xero shares were fetching $77.81 apiece, a 5.76% drop on yesterday's close.
Overnight, there was pain in the US tech sector. That's why the Betashares Nasdaq 100 ETF (ASX: NDQ) price is currently down by around 3%. Also last night, the Microsoft (NASDAQ: MSFT) share price dropped around 3% while Apple Inc (NASDAQ: AAPL) also dropped by around 3%.
There has been much volatility on share markets this year amid concerns about inflation and interest rates.
The Xero share price and other ASX tech shares are often influenced on a day-to-day basis by what happens in the US share market.
Wider ASX share market fall
It's not just Xero that is down. There are plenty of other shares that are in the red. The S&P/ASX 200 Index (ASX: XJO) is currently down 1.37%.
Blue chip shares Commonwealth Bank of Australia (ASX: CBA) and BHP Group Ltd (ASX: BHP) are also down around 1% at the time of writing.
However, there are many others that are down much further. For example, the Carsales.com Ltd (ASX: CAR) share price is down 12% while Block Inc (ASX: SQ2) is down 6.77%.
Xero share price snapshot
Since the beginning of the 2022 calendar year, the Xero share price is down 44%.
The company has a current market capitalisation of around $11.7 billion.
