ASX Tech Stocks Slide 1.5% Amid U.S. Debt Concerns.

Thu 22 May 25, 03:07 AM |

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Highlights

Australian tech shares fell sharply on Wednesday, with the sector losing as much as 1.5% during intraday trading — its largest single-session percentage loss since May 7. The selloff mirrored weakness on Wall Street, where investor sentiment was weighed down by concerns over an expanding U.S. government debt burden should Congress pass former President Donald Trump’s proposed tax-cut bill.

Key tech names listed on the Australian Securities Exchange (ASX) contributed to the decline. Shares of WiseTech Global Ltd (ASX: WTC), a logistics software provider, slipped 1.1%. Accounting software firm Xero Ltd (ASX: XRO) also ended the session down 0.9%.

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