Which sector weighed down the ASX today?
Tech stocks were in the firing line today as investors grow increasingly concerned that even the top performing companies on Wall St will struggle to cope with the combination of rising interest rates against slowing economic growth. On the ASX today, Block shares fell 6%, EML Payments shed 5.7% and Appen lost 4.3%.
A selection of companies also released March quarter trading updates today including City Chic Collective which posted a 25% increase in second half sales, while Coronado Global Resources reported its highest ever quarterly revenue of US$946m.
Some sectors of the ASX rebounded from yesterday’s sell-off, but the key index still closed the session lower today, weighed down by a sell-off in tech stocks.
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