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.
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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.
