SiteMinder Ltd (SDR.AU) experienced a significant intraday decline of 5.10% on Friday, reflecting broader market pressures on technology stocks.

The decline comes as Australian technology stocks hit their lowest level in nearly three years, with the sector tracking substantial overnight losses on Wall Street. The Nasdaq confirmed a correction with a tumble of more than 2%, while the S&P 500 and Dow Jones Industrial Average both fell more than 1%.

This marks the third consecutive week of losses for the Australian technology sub-index, which has declined approximately 27% year-to-date including the current session's movements.