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The S&P/ASX 200 Index (ASX: XJO) had a good trading day today, closing a healthy 1.44% higher. But multiple ASX 200 tech shares outperformed the index.
Block shares leapt 4.96%, while shares in Wisetech were 2.65% higher at the end of trade today. Megaport shares joined the green run, jumping 4.66%, and the NextDC Ltd (ASX: NXT) share price closed 1.8% higher.
The S&P/ASX All Technology Index (ASX: XTX) finished the day up 1.31%.
NASDAQ leads the lift
ASX 200 technology shares followed in the footsteps of the tech-heavy NASDAQ in the United States on Wednesday.
Stronger investor sentiment appeared to drive these strong gains, as my Foolish colleague James reported earlier.
Block’s New York Stock Exchange listing, Block Inc (NYSE: SQ), rose 7%.
However, some analysts are concerned investors have not fully priced in rate rikes and the impact on earnings, CNBC reported.
Duquesne Capital founder and billionaire investor Stanley Druckenmiller, quoted by the publication on Wednesday, warned a recession could be looming. He said:
I will be stunned if we don’t have recession in ’23. I don’t know the timing but certainly by the end of ’23. I will not be surprised if it’s not larger than the so-called average garden variety.