Investors may have become accustomed to the Afterpay Ltd (ASX: APT) share price only going in one direction… up.
But today marks a gritty 8% sell-off for the ASX market’s beloved buy now, pay later (BNPL) leader.
Why is the Afterpay share price slumping?
There has been no market-sensitive news out of the BNPL giant today nor from its peers such as Zip Co Ltd (ASX: Z1P) and Sezzle Inc (ASX: SZL) that could affect its share price. Brokers have also yet to provide any updates or new target prices leading into Afterpay’s half-year results this week.
With no immediately identifiable cause, the one thing that could potentially be weighing on the Afterpay share price was the US market overnight and rising bond yields.