The tech sector was routed again on Tuesday after Wall Street’s techs sold off on more (silly) fears about the damage inflation would do to companies like Apple, Facebook, Netflix, Alphabet and Amazon.
That saw Nasdaq fall more than 2% and the unease spilled over into the local market on Tuesday where tech stocks have been weak since last week.
The tech worries ignored the dramatic surge in global iron ore prices on Monday and as a result the ASX 200 was sold off 1.1% as even major financials were easier.
The ASX 200 fell back below 7100 points to close at 7097.0 on Tuesday as tech stocks took a whacking from the Nasdaq slide and dropped 4.2%.
Westpac fell 1.3%, NAB fell 1%, ANZ 1.1%, and Commonwealth Bank 0.6% after that all time high of $94 on Friday. Still, it again outperformed Afterpay.
Monday’s leaders – the big miners cooled yesterday despite the record iron ore prices. BHP was down 0.7% and Rio Tinto was down 1.8%. Fortescue dropped 2.8% even though the price of its core 58% Fe fines product topped $US200 a tonne for the first time on Monday.
Fintech sector giant Afterpay dipped below $90 for the first time since November. It closed at $89, down more than 8% and at a seven-month low.
The company – which hit a record high share price of $160 in February – is now down 23% for the year, even as it thinks of a US listing to tap into the crucial American market.
Zip Co slumped 9.1% to $6.76 and Nearmap was again easier, losing 7.4% to $1.69.
Elsewhere, Sezzle was down 5.6% at $7.95, Humm Group was 3.8% lower at 89 cents, Splitit fell 4.8% to 69 cents, Openpay was off 7.3% at $1.82 and Laybuy was 6.2% down at 68 cents.
Accounting software firm Xero fell 3% to a five-week low $131.91, while Wisetech fell 3.6% to a two-month low of $26.92. Xero releases its full year results on Thursday.
Appen was 3.6% down at $11.22, hitting a more than two-year low and Nuix lost 2% to $3.30.
