Business
Why February was a shocker for ASX 200 tech shares
February just didn’t seem fair for ASX 200 tech share investors. The S&P/ASX 200 Info Tech (ASX: XIJ) index slumped by more than 10% despite the ASX 200 closing 1% higher in February.
It wasn’t just ASX 200 tech shares struggling in February
It wasn’t just ASX 200 tech shares that found February to be a challenging month. A similar narrative played out in the US, where the tech-heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) found itself up more than 8% by mid-February before giving up all its gains to finish the month just 1% higher.
What’s driving the weakness in tech?
Long-term US interest rates, otherwise known as bond yields, have surged in recent months to briefly touch 1.60%.
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