Australia's tech stocks slump; set for a weekly gain as Nasdaq roars to record

Megaport

08/08/2025 06:23

** Australian technology stocks .AXIJ are down 0.7%, but still on track for a 2% weekly gain

** Sub-index currently down in tandem with overnight Wall Street losses .N

** However, AXIJ set for its best week since July 18 after tech-heavy Nasdaq hit a closing high overnight; its 17th closing high so far in 2025

** ASX shares of U.S.-based Life360 360.AX LIF.O are down 4% but still set for its fourth straight weekly gain

** Logistics software co WiseTech Global WTC.AX down 1.4%, while Megaport MP1.AX falls 1.2%

** YTD, AXIJ is up 9.9%

(Reporting by Nichiket Sunil in Bengaluru)

((Nichiket.Sunil@thomsonreuters.com))