The Block Inc (ASX: SQ2) share price is heading south today despite no new announcements from the company.
At the time of writing, the mobile payment provider's shares are down 5.54% to $117.20.
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Why are Block shares in reverse today?
Investors are offloading the Block share price following a fall across the S&P/ASX All Technology Index (ASX: XTX).
After the US-based Nasdaq shed 1.15% overnight, the Aussie tech sector is feeling the wrath with a 2.37% decline today.
This makes it the second worst performing sector on the ASX today, behind the S&P/ASX 200 Information Technology Index (ASX: XIJ), down 3.77%.
It appears investors are bracing for the crucial United States July inflation report that is due to come out tomorrow.
Economists are predicting that the consumer price index has lifted by 0.2% in the past month – compared to the 1.3% jump in June.
Without doubt, the US Federal Reserve will closely look at the report and decide whether to lift the interest rate come mid-September.
This has also put a squeeze on buy now, pay later shares such as Zip Co Ltd (ASX: ZIP) and Openpay Group Ltd (ASX: OPY). They are both down 1.20% and 1.67%, respectively.
Block share price snapshot
Listing on the ASX boards in January 2022, the Block share price has tumbled by 33% over the period.
The company's shares touched an all-time low of $80.37 on 17 June following a broader market sell-off.
Since then, the share has gradually climbed back up to around the $120 mark.
Based on today's price, Block presides a market capitalisation of around $4.77 billion.
