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Australian IT Stocks Hit Lowest Levels Since June Amid Wall Street Sell-Off

Published 20/07/2024, 01:16 am
© REUTERS Australian IT Stocks Hit Lowest Levels Since June Amid Wall Street Sell-Off
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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.

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