Australia’s technology stocks are facing a sharp decline of 3%, marking its worst intraday drop in almost four weeks.

This slump is mirroring Wall Street’s downturn, which saw major indexes closing at significantly low levels upon the release of stronger-than-expected retail sales data.

This data signaled that interest rates could remain high for an extended period.

XRO (ASX:XRO) and Block listed shares on ASX were among the hardest hit, experiencing drops of 2.4% and 3.5% respectively.

WiseTech Global (ASX:WTC), a sub-index component, suffered a significant blow, plummeting as much as 4.3% which marks its worst performing day in half a year.

Despite these setbacks, as of the latest close, AXIJ has seen a year-to-date jump of 36.7%.

XRO is a leading technology company specializing in software development and Block is a global financial services and digital payments company.