Australian IT stocks (INDEXASX: XIJ) fell as much as 1.2%, reaching their lowest levels since 25 June 2024. This decline is driven by an overnight sell-off on Wall Street, as investors shift away from high-priced megacap growth stocks amidst the ongoing second-quarter earnings season.
Key Declines in IT Sector
- Xero (ASX: XRO): Shares of Xero fell by as much as 1.47%, hitting their lowest level since10 July.
- Block (ASX: SQ2): The ASX-listed shares of Block dropped by as much as 4.63%, marking their biggest decline since 6 May.
Year-to-Date Performance
Despite the recent downturn, the IT sector has seen significant gains this year. The sub-index has risen 25.7% year-to-date, reflecting strong overall performance in the sector prior to the latest sell-off.