NEXTDC Ltd (NXT.AU) saw its stock price plummet by 5.01% in intraday trading, as Australian technology stocks faced a significant downturn. The drop in NEXTDC's share price is part of a broader decline in the Australian tech sector, which fell as much as 2.4% to its lowest level since April 11.
The Australian tech stock slide is closely tracking the performance of their Wall Street counterparts. U.S. stocks tumbled overnight, primarily due to growing concerns over the Federal Reserve's independence. These concerns were fueled by President Donald Trump's intensified criticism of Federal Reserve Chair Jerome Powell, adding to the ongoing uncertainty surrounding the trade war.
NEXTDC, a data centre firm, was particularly hard hit in this tech sector downturn. The company's 5.01% drop outpaced the 2.8% decline mentioned earlier in the day, indicating a worsening situation for the stock. Other tech companies were also affected, with ASX-listed shares of payments company Block down about 5% as well. The overall tech sub-index on the Australian Securities Exchange was down nearly 18.4% year-to-date as of the early trading hours.
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