Block Inc (ASX: SQ2) and WiseTech Global (ASX: WTC) shares fall on Friday. Here’s why.

March 15, 2024 05:39 PM AEDT | By Team Kalkine Media

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Block Inc (ASX: SQ2) and WiseTech Global (ASX: WTC) shares fall on Friday. Here’s why. — Image source: shutterstock

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The Australian technology sub-index experienced a notable decline on 15 March 2024, slipping by as much as 0.86 %. This downturn was largely attributed to overnight losses observed in the technology sector on Wall Street.

ASX-listed shares of Block Inc (ASX: SQ2) saw a notable decrease, dropping by as much as 4.86% to AU$123.68. Similarly, shares of WiseTech Global (ASX: WTC) retreated by up to 2.21% to AU$94.43.

The current week has proven challenging for the technology sub-index, with a decline of 0.5% recorded so far. If this trend persists, the sub-index is poised to break a six-week winning streak. Despite the recent setback, the sub-index has demonstrated strong performance year-to-date, boasting an increase of 25.6% as of the last trading session.

The decline in the Australian technology sub-index reflects broader concerns within the technology sector amid market volatility and uncertainty. Investors are closely monitoring developments both domestically and internationally, particularly in the tech industry, which has been sensitive to shifts in market sentiment and macroeconomic conditions.

The notable drop in ASX-listed shares of Block Inc and WiseTech Global underscores the challenges faced by individual technology companies amidst the current market environment. These declines highlight the importance of closely monitoring company-specific factors, as well as broader market trends, when making investment decisions within the technology sector.

Despite the recent downturn, some analysts remain optimistic about the long-term prospects of the technology sector. The increasing digitization of industries and the growing reliance on technology-driven solutions continue to present opportunities for growth and innovation within the sector.

As the week progresses, market participants will continue to monitor the performance of the Australian technology sub-index and individual technology stocks, while also assessing broader market trends and macroeconomic indicators for insights into future market direction.

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