Why BHP, Block, Harvey Norman, and PointsBet shares are sinking

These ASX shares are falling hard on Tuesday…

| More on:
White declining arrow on a blue graph with an animated man representing a falling share price.

Image source: Getty Images

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

The S&P/ASX 200 Index (ASX: XJO) is having a day to forget. In afternoon trade, the benchmark index is off its lows but still down 4.25% to 6,637.3 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:

BHP Group Ltd (ASX: BHP)

The BHP share price is down 5.5% to $43.72. Investors have been selling BHP and other large cap miners today amid broad market weakness and a pullback in commodity prices. Concerns that the global economy could fall into a recession has sparked fears that demand for commodities could soften.

Block Inc (ASX: SQ2)

The Block share price is down a disappointing 16.5% to $91.42. This follows a similarly severe decline by this payments company's NYSE listed shares on Monday night on Wall Street. Block isn't the only tech shares being hammered today. At the time of writing, the S&P/ASX All Technology Index is down over 5%.

Harvey Norman Holdings Limited (ASX: HVN)

The Harvey Norman share price is down 7% to $3.80. As well as the market selloff, this retailer's shares have come under pressure after being hit by a broker downgrade. This morning Macquarie downgraded Harvey Norman's shares to a neutral rating from outperform. The broker fears that consumer spending could be impacted by rising inflation.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is down 10% to $2.05. This sports betting company's shares have been caught up in the market selloff. In addition, investors were selling down sports betting shares on Wall Street last night. This saw rival DraftKings tumble a sizeable 16% on the Nasdaq index. The PointsBet share price is now down a disappointing 72% since the start of the year.

Motley Fool contributor James Mickleboro 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 Block, Inc., Harvey Norman Holdings Ltd., and Pointsbet Holdings Ltd. The Motley Fool Australia has positions in and has recommended Block, Inc. and Harvey Norman Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

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

Why Megaport, Pilbara Minerals, Vysarn, and WiseTech shares are falling today

These shares are ending the week in the red. But why?

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Accent, Sayona Mining, Web Travel, and Weebit Nano shares are dropping today

These shares are having a tough time on Thursday. Why are they being sold off?

Read more »

A smartly-dressed man screams to the sky in a trendy office.
Share Fallers

Why Appen, DroneShield, PWR, and Webjet shares are sinking today

These shares are having a tough time on hump day. But why?

Read more »

a car driver sits up and looks alert with wide eyes and an expression of concentration while he holds the wheel of a car.
Share Fallers

Why this ASX All Ordinaries stock just crashed 24%!

Investors are punishing the ASX All Ords company today. Let’s find out why.

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.
Share Fallers

Why Elders, KMD, Lovisa, and Telix shares are dropping today

These shares are missing out on the good times on Tuesday. But why?

Read more »

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Life360, Lovisa, NAB, and Resolute shares are falling today

These shares are starting the week in the red. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Healthcare Shares

This ASX All Ords share is diving 18% as inflation pain draws blood

This healthcare company delivered a trading update at its annual general meeting today.

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Healius, Opthea, Peninsula Energy, and Wildcat shares are falling today

These shares are having a tough finish to the week. But why?

Read more »