Australian tech stocks hit near two-month low, tracking Wall Street
QQQ•Australian tech stocks fall to near two-month low
Australian technology stocks .AXIJ decline as much as 1.9% to their lowest since July 17.
The sub-index marks a fifth straight day of losses and heads for a 7.6% weekly decline, its worst in more than seven months.
YTD, the tech sub-index is down 23%.
Wall Street weakness and chipmaker losses weigh on sentiment
U.S. stocks ended down on Thursday after producer price data for August and surging oil prices stoked worries that the Federal Reserve will hike interest rates next week .N.
Heavyweight chipmakers Nvidia NVDA.O fell 2.3% and Micron Technology MU.O lost 4.9%.
Shares of WiseTech Global WTC.AX and Xero XRO.AX fall as much as 4.1% and 2%, respectively, both hitting their lowest levels since late July.
