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How are ASX 200 tech shares performing on Wednesday?

We check the latest with ASX technology shares today.

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Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
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Key points
  • Multiple ASX technology shares are in the red today 
  • The NASDAQ fell 1.87% in the US on Tuesday.
  •  However, some US tech shares are picking up in after-hours trade following strong results from Microsoft 

ASX 200 tech shares are slightly in the red today, however, not all technology stocks are falling. Despite the NASDAQ dropping in the US on Tuesday, it is picking up in after-hours trade. This follows strong earnings results from Microsoft Corporation (NASDAQ: MSFT)and Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG).

Among the technology shares falling on the ASX today are Block Inc (ASX: SQ2), WiseTech Global Ltd (ASX: WTC), and NextDC (ASX: NXT). However, the Xero Ltd (ASX: XRO) share price is up in morning trading.

So what is going on with Australian technology shares today?

Three people gather around a large computer screen where they are looking at something that is captivating their interest with a graphic image of data and digital technology material superimposed to the right hand third of the image.

Image source: Getty Images

Why are ASX 200 tech shares falling?

At the time of writing, Block is down 4.66%, WiseTech Global is 3.31% lower, and NextDC is 0.95% in the red. Meanwhile, the Xero share price is 0.44% higher. Block's US listing also descended 7% on the New York Stock Exchange on Tuesday.

In Australia, the S&P/ASX All Technology Index (ASX: XTX) is currently down 0.86% while the S&P/ASX 200 Information Technology Index (ASX: XIJ) is also 0.83% lower.

This follows the technology-heavy NASDAQ Composite dropping 1.87% in the US on Tuesday. Amazon.com Inc (NASDAQ: AMZN) was among the biggest fallers, slipping 5.23%, while Meta Platforms Inc (NASDAQ: META) slumped 4.5%.

However, in after-hours trade on the NASDAQ, technology shares are picking up on the back of earnings reports from tech giants Microsoft and Alphabet.

Microsoft reported its revenue jumped 18% to $198.3 billion in FY22. Net income soared 19% while diluted earnings per share increased 20%.

Meantime, Alphabet reported revenue of $69.7 billion in the second quarter, up 13% year on year. Microsoft shares are nearly 4% higher in after-hours trade on the NASDAQ while Alphabet shares are up nearly 5%.

However, data released on Tuesday showed consumer confidence fell in the US in July amid inflation and rising interest rate fears. In comments cited by Reuters, Spartan Capital Securities chief market economist Peter Cardillo said:

The majority of companies that reported today beat earnings, and that's been the case. But of course there have been some warnings, and that's what the market is focusing on.

The US Federal Reserve is due to make a decision on interest rates on Wednesday.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Motley Fool contributor Monica O'Shea 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 (A shares), Alphabet (C shares), Amazon, Block, Inc., Meta Platforms, Inc., Microsoft, WiseTech Global, and Xero. The Motley Fool Australia has positions in and has recommended Block, Inc., WiseTech Global, and Xero. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Amazon, and Meta Platforms, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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