A tech sell-off today has led the ASX down.
The S&P/ASX200 had dropped 58.90 points or 0.81% to 7,229.60 (with ten minutes to go to market close). Over the last five days, the index has gained 1.74%, but is down 2.69% for the last year to date.
The bottom performing stocks in the index were Life360 Inc. (ASX:360) down 6.28% and IDP Education Ltd down 7.12%.
Earlier in the day, the tech sector had lost 2.9% and was the second worst performing segment on the ASX200, behind real estate which was down 3% companies.
As far as tech stocks go, Appen Ltd was down 5.78%, and Block Inc CDI (NYSE:CDI) lost 6.14% after dipping 3.5% on the Nasdaq on Thursday.
The best and worst performing sectors this week
The best performing sectors were Information Technology up over 5%, followed by Financials 4% higher and Materials up 2%. The worst performing sectors were Healthcare down over 1%, followed by Consumer Staples, just in the red and Communication Services, just in the green.
And, of course, the aforementioned tech sector.
The best performers in the S&P/ASX top 100 stocks included AMP Ltd which over 12% higher, followed by Computershare up over 10% (although it fell slightly today), while Commonwealth Bank of Australia (ASX:CBA), South32 Ltd (LSE:S32, ASX:S32, OTC:SHTLF, JSE:S32) and Wisetech were all up over 7% at stages, although CBA and Wisetech pared back.
The worst performing stocks include Mineral Resources Limited down over 5% this week, followed by REA Group Limited (ASX:REA), Woolworths Group Ltd, Amcor CDI (NYSE:CDI) and Coles Group Ltd, which all fell over 2% at various stages.
What's next for the Australian share market?
As usual we asked Wealth Within founder and chief analyst Dale Gillham his take on the market. Here’s what he had to say…
“The All Ordinaries Index has been quite strong over the last two weeks rising nearly 7% in nine trading days. Given this strong move, many will be thinking that the recent down move is over, however, I would caution everyone to show a little patience.
“While the market has risen over nine trading days, we can now expect a few down days, which may start today, Friday 11 February, and continue into early next week.
“How long and deep the fall is will tell us if the market is starting a new uptrend or whether we can expect more downside.
“While I believe it is still possible that the All Ordinaries Index could fall below 7,000 points and may fall to as low as 6,800 points over the next few weeks, given the strong rise this week this is now less likely and the probability is swinging to the market being move bullish over the next few months.”