ASX tech shares cowering in shadow of NASDAQ bear market warning

Brendon Lau

8 hrs ago

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Investors can take heart following the big bounce in our best-loved ASX technology shares last week, but more dark clouds are hovering on the horizon.

© Provided by The Motley Fool Run Away from Shadow ASX tech shares bear market

Some experts believe that bond yields are close to the point that would trigger a bear market collapse in the Nasdaq-100 (INDEXNASDAQ: NDX), reported Bloomberg.

A bear market is a peak-to-trough fall of at least 20%. And if the tech-ladened US share benchmark slumps, it will likely drag many top performing ASX tech shares into the red.

Best performing ASX tech shares more at risk

This ASX sector has delivered the best returns since COVID-19 triggered a market meltdown a year ago. In case you are wondering, there are around 40 ASX tech shares with a market cap of at least $100 million that have at least doubled in price over the period.

These including pocket rockets like the Ioupay Ltd (ASX: IOU) share price, the Pointerra Ltd (ASX: 3DP) share price and Cirralto Ltd (ASX: CRO) share price. These are the three top performers with gains of between 6,186% and 2,600%!

Of course, we can’t forget the likes of the Afterpay Ltd (ASX: APT) share price and its other BNPL buddies either.