Why are ASX 200 tech shares having such a lousy day?

Its a bad day to own shares in these ASX 200 tech stocks…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Monday's session is proving to be a bad day for S&P/ASX 200 Index (ASX: XJO) technology shares.

The S&P/ASX 200 Info Tech Index (ASX: XIJ) is one of the worst-performing indexes today, having fallen 1.51% at the time of writing. The S&P/ASX All Technology Index (ASX: XTX) is also flopping. It's dipped 1.59% right now.

For context, the ASX 200 is in the shallow end of the red, sporting a 0.19% drop.

So, what has caused the ASX tech sector's slump and which shares are suffering as a result? Let's take a look.

A man at his desk in an office holds his hands up in the air in frustration while looking at the falling share price on his computer screen.

Image source: Getty Images

What's weighing on the sector?

ASX 200 tech shares are struggling to stay afloat today despite no obvious weight having been placed on them.

While the sector often trends alongside the tech-heavy NASDAQ Composite, the New York-based market hasn't opened yet.

Additionally, the composite recorded a record high close for the second day in a row at the end of Friday's session. It gained 0.16% on Friday to finish at 15,971.59 points.  

Additionally, there's been no news from the sector's biggest weights.

These ASX 200 tech shares are sinking today

The biggest loser of the ASX 200 information technology sector today is the Nuix Ltd (ASX: NXL) share price.

It's fallen 4.61% at the time of writing and is trading at $2.90. The dip comes despite the company's silence.

Xero Limited (ASX: XRO) is the index's second-worst performer. Its share price is recording a drop of 3.55% and trading at $148.98.

Meanwhile, ASX favourite Afterpay Ltd (ASX: APT) is also in the red, falling 0.8% to $116.54.

In fact, only one ASX 200 tech stock is seeing its share price gain. That is Iress Ltd (ASX: IRE) – up 0.58%.

Though, unfortunately, there is no clear explanation for those movements either.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Technology Shares

Business people discussing project on digital tablet.
Technology Shares

Should I buy WiseTech shares? Yes or no

A major sell-off has pushed the logistics software company’s shares significantly lower.

Read more »

A silhouette of a soldier flying a drone at sunset.
Technology Shares

Electro Optic Systems shares jump on new Middle East contract win

Interest in anti-drone technology appears to be picking up.

Read more »

A player pounces on the ball in the scoring zone of the field.
Technology Shares

What's going on with this ASX tech share?

Morgans sees 80% upside, despite the sports stock plummeting 50%.

Read more »

A young woman with her mouth open and her hands out showing surprise and delight as uranium share prices skyrocket
Growth Shares

$10,000 invested in Droneshield and Woodside shares just 1 week ago is now worth…

And here's what the analysts expect from these two ASX 200 stocks next.

Read more »

A woman in colourful outfit holds up a phone to take a selfie.
Technology Shares

3 ASX tech shares to buy amid ongoing tech wreck

There have been some signs of stabilisation in the tech sector since mid-February, so is it time to buy the…

Read more »

A blue globe outlined against a black background.
Technology Shares

A rare buying opportunity in 1 of Australia's top shares?

I think this business looks too cheap to miss.

Read more »

Two IT professionals walk along a wall of mainframes in a data centre discussing various things
Technology Shares

This All Ords technology stock could shoot the lights out: broker

The company was valued at $1.73 billion at Wednesday's close.

Read more »

Group of stressful businesspeople having problems. sittong around a desk.
Technology Shares

Why are EOS shares crashing 10% today?

This popular stock is having a rough day. Let's find out why.

Read more »