ASX 200 tech shares lead again as big US earnings inspire local confidence

ASX 200 tech stocks rose 8.4% as more US tech giants delivered impressive earnings last week.

ASX 200 tech shares led the 11 sectors with an 8.4% gain amid a new record for the broader market.

Investors in Australia were inspired to buy tech stocks after more strong US earnings reports last week.

Amazon and Apple reported big quarterly earnings that helped allay fears over artificial intelligence (AI).

This followed robust earnings reports from Microsoft and Google parent, Alphabet, the week before.

eToro analyst Josh Gilbert said 86% of US companies had beat expectations so far this season.

He added:

… big tech delivered answers to the AI question marks.

That's the template for the local market to follow, because Wall Street's rally has been earned by results while the ASX is still waiting on its own.

The 8.4% gain for ASX 200 tech shares last week follows an 8.2% rise the week before.

The tech sector is recovering from a dramatic 48% slump between August 2025 and March this year.

The S&P/ASX 200 Information Technology Index (ASX: XIJ) is now up 27% since bottoming out on 30 March.

The broader market is also on a roll.

The ASX 200 has risen for four consecutive months, and hit a new record of 9,296.7 points on Thursday.

After just five weeks of trading in FY27, the ASX 200 is already up 5.5%.

That's significant after just 2.8% growth in FY26 (total return, including dividends, was 7%).

Investors have been buoyed by cooler inflation, which lowers the risk of more interest rate hikes for now.

The market also remains hopeful that an Iran-Oman deal to reopen the Strait of Hormuz will be finalised soon.

The August earnings season will provide an important test for the ASX 200's momentum, said Gilbert.

The ASX reaching this new high has been helped by pretty much the whole index, with broad-based gains across the board. 

Over the next month, corporate Australia has to show the numbers to match the market's confidence.

Our reporting calendar shows when the big ASX 200 names are releasing their results this season.

A corporate female wearing glasses looks intently at a virtual reality screen with shapes and lights representing Block shares going up today

Image source: Getty Images

Tech shares lead for a second week

The WiseTech Global Ltd (ASX: WTC) share price soared 12.89% to $40.98 last week.

The Xero Ltd (ASX: XRO) share price rose 9.37% to $76.56.

TechnologyOne Ltd (ASX: TNE) shares ascended 6.47% to $32.75 apiece.

The Life360 Inc (ASX: 360) share price jumped 11.39% to $28.56.

The Megaport Ltd (ASX: MP1) share price leapt 11.49% to $20.18.

The Nextdc Ltd (ASX: NXT) share price rose 6.96% to $14.29.

Dicker Data Ltd (ASX: DDR) shares lifted 5.19% to $13.18 apiece.

Codan Ltd (ASX: CDA) shares rose 2.45% to finish at $41.06 on Friday.

The Elsight Ltd (ASX: ELS) share price soared 26.48% to $7.07 on a record quarterly report.

ASX 200 market sector snapshot

Here's how the 11 market sectors stacked up last week, according to CommSec data.

Over the five trading days:

S&P/ASX 200 market sectorChange last week
Information Technology (ASX: XIJ)8.4%
Materials (ASX: XMJ)7.55%
Healthcare (ASX: XHJ)5.04%
Industrials (ASX: XNJ)2.77%
Consumer Discretionary (ASX: XDJ)1.73%
Consumer Staples (ASX: XSJ)1.38%
Financials (ASX: XFJ)1.37%
Communication (ASX: XTJ)1.35%
A-REIT (ASX: XPJ)1.24%
Utilities (ASX: XUJ)(0.8%)
Energy (ASX: XEJ)(1.97%)

Motley Fool contributor Bronwyn Allen 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 Alphabet, Amazon, Apple, Life360, Megaport, Microsoft, WiseTech Global, and Xero. The Motley Fool Australia has positions in and has recommended Dicker Data, Life360, WiseTech Global, and Xero. The Motley Fool Australia has recommended Alphabet, Amazon, Apple, and Microsoft. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on ASX Share Market News

IPO written in purple on blocks on top of each other in the air.
IPOs

Anthropic IPO: Are 5 types of shares too many?

Anthropic is going for a very unusual setup.

Read more »

Two male ASX investors and executives wearing dark coloured suits sit at a table holding their mobile phones discussing the highest trading ASX 200 shares today
Broker Notes

Buy, hold, sell: Resmed, Goodman Group, CBA shares

We review three fresh buy, hold, and sell calls from John Athanasiou at Red Leaf Securities.

Read more »

colleagues on a lunch break looking at iPhone
Broker Notes

Top brokers name 3 ASX shares to buy now

Here's what brokers are recommending as buys this week.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
ASX Share Market News

5 things to watch on the ASX 200 on Friday

Will Friday the 13th be unlucky for the share market?

Read more »

Woman with her fingers crossed and eyes shut.
Broker Notes

7 ASX 200 shares in the buy zone as optimism returns to the market: experts

Brokers reaffirmed their buy calls on Liontown, Rio Tinto, Xero, and others this week.

Read more »

A little girl is surprised at a science experiment.
Opinions

2 ASX shares with the potential to double in a year, and the risk that keeps me cautious

One of these ASX shares could climb up to 123% higher.

Read more »

ASX shares broker ratings represented by three different coloured buttons.
Broker Notes

6 ASX shares upgraded and downgraded by the experts this week

Brokers have changed their ratings and 12-month price targets on Qantas, Codan, and others. 

Read more »

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Broker Notes

Buy, hold, sell: CSL, NextDC, PLS shares

Mark Elzayed from Vestra Capital explains his ratings on three ASX 200 shares.

Read more »