Daily Stock Market News

The market has had a great day, but these ASX 200 tech shares smashed it

A man with a beard and wearing dark sunglasses and a beanie head covering raises a fist in happy celebration as he sits at is computer in a home environment.

Image source: Getty Images

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.

The Block Inc (ASX: SQ2), Wisetech Global Ltd (ASX: WTC) and Megaport Ltd (ASX: MP1) share prices all finished well in the green today.

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.

The NASDAQ Composite Index jumped 2%. Meta Platforms Inc (NASDAQ: META) soared 5.36%, while Affirm Holdings Inc (NASDAQ: AFRM) leapt 6.55%.

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.

Read More: The market has had a great day, but these ASX 200 tech shares smashed it

You might also like