ASX tech shares are screaming higher on Friday after a strong lead from Wall Street last night.
The Nasdaq Composite Index (NASDAQ: .IXIC) roared 2.87% higher overnight, with the Dow Jones Industrial Average Index (DJX: .DJI) also up 1.76% and the S&P 500 Index (SP: .INX) up 2.3%.
This followed the release of a new report in the United States showing weekly initial jobless claims fell more than expected, which has eased investors' fears of an impending recession.
Earlier in the week, there was a sharp sell-off in the US and in other share markets around the world.
This was due to a weak US jobs report and a soft ISM Manufacturing PMI report, which made investors fear the world's biggest economy was weakening more than expected amid the fight against inflation.
That panic spread to Australia with S&P/ASX 200 Index (ASX: XJO) shares on a rollercoaster this week.
Today, the benchmark index is having its best day of the week, up 1.36% to 7,786.2 points at the time of writing.
Meanwhile, the S&P/ASX 200 Information Technology Index (ASX: XIJ) is the best performer, currently up an impressive 3.53%.
The tech sector is outperforming the 10 other market sectors by a long shot. The second-best performing sector is the S&P/ASX 200 A-REIT Index (ASX: XPJ), which is up by about half as much at 1.82%.
The tech sector was hit hard earlier in the week, with the index falling 6.52% between Monday and yesterday's close.
This is likely why we are seeing such a strong performance today. It's not uncommon to see sectors that fall significantly on bad news later bounce back hard when good news comes in.
Let's check out how some of the most popular ASX tech shares are faring today.
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Top-performing ASX tech shares today
Here's how some of the larger ASX tech shares (with market caps above $1 billion) are performing today.
Life360 Inc (ASX: 360) is the top performer of the tech sector on Friday. The Life360 share price is up 18.26% to $17.59 after the company released its second-quarter update.
Life 360 reported a 20% increase in revenue to US$84.9 million over the three months ending 30 June.
Management also lifted its FY24 guidance. Life360 is now expecting consolidated revenue of between US$370 million and US$378 million, up from the previous guidance of US$365 million to US$370 million.
There is no company news driving the performance of other top-performing ASX tech shares today.
WiseTech Global Ltd (ASX: WTC) shares are up 4.26% to $90.90. The Dicker Data Ltd (ASX: DDR) share price is up 4.23% to $9.86. The Xero Limited (ASX: XRO) share price is up 3.41% to $132.84.
The Megaport Ltd (ASX: MP1) share price is up 3.02% to $10.24. Nextdc Ltd (ASX: NXT) shares are up 2.11% to $15.71. Siteminder Ltd (ASX: SDR) shares are up 1.96% to $5.19.
