The Zip Co Ltd (ASX: ZIP) share price followed the broader market up this morning before plummeting upon its fumble this afternoon.
The buy now, pay later giant's stock surged 5.55% earlier today, reaching an intraday high of $1.05. Sadly, it soon tumbled to its intraday low of 95 cents – a 4% slump.
At the time of writing, the Zip share price has partially recovered to trade at 96 cents, 2.83% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.26% despite having gained as much as 1.1% earlier in the day.
Let's take a closer look at what's going on with the BNPL stock and the broader market on Monday.
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What's going on with the Zip share price?
The Zip share price rocked then rolled on Monday amid a broader market spin.
The ASX 200 launched upwards today before disappointing data from China stunted its rise.
COVID-19 lockdowns hit the nation in the pocket over April, as reflected in China's National Bureau of Statistics data.
China's unemployment rate rose to 6.1% while the cost of necessities rose rapidly last month. The nation's total retail sales also fell 11.1%.
Turning to the tech sector, the S&P/ASX 200 Information Technology Index (ASX: XIJ) is currently recording a 1.7% gain. Though, earlier this morning it was trading up to 4.25% higher.
While Zip isn't technically a tech share, it can arguably be classed as one and generally performs in line with the tech sector.
Today's best performing ASX 200 tech shares are Life360 Inc (ASX: 360), Block Inc (ASX: SQ2), and Xero Limited (ASX: XRO). They are currently up 4.84%, 3.73%, and 3.52% respectively.
Meanwhile, the sector's worst performers are Tyro Payments Ltd (ASX: TYR), Codan Limited (ASX: CDA), and WiseTech Global Ltd (ASX: WTC), having slipped 4%, 2.47%, and 1% respectively.
The Zip share price has tumbled 78% so far this year. It is also 86% lower than it was this time last year.
