Technology Companies Lift Stock Market In Early Trading

Australian shares slumped, with a sharp sell-off for US technology stocks working through to the ASX, as investors fretted about the potential for damage from higher bond yields in the highly-valued technology sector.

The S&P/ASX 200 dropped 101 points, or 1.7 per cent, to trade at 5840, with Afterpay Touch losing 4.3 per cent, Wisetech Global down 5.2 per cent, Xero down 4.2 per cent and Appen down 4.7 per cent.

The tech-sector losses in the Australian market followed heavy selling in US technology companies, which weighed down Wall Street overnight. The Nasdaq fell 2.8 per cent while the Dow fell 2.3 per cent and the S&P 500 lost 2 per cent. 

Futures in Japan and Hong Kong pointed to declines of over 1 per cent, with Apple suppliers set for notable selling pressure. 

Source :

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