Software stocks plunged for an eighth straight session on Thursday, putting the sector on track for its longest losing streak since May 2021, as investors grow increasingly concerned that artificial intelligence could undermine demand across the SaaS economy.
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The iShares Expanded Tech-Software Sector ETF (NYSE:IGV) fell 1.9%, extending its drawdown from late-October highs to roughly 30%.
Palantir Technologies Inc. (NASDAQ:PLTR) — long viewed as the poster child of the AI-driven software rally — dropped 4.4%, following an 11% slump on Wednesday.
The biggest software decliners were tied to crypto markets, as Bitcoin (CRYPTO: BTC) slid 9% to $66,000, hitting levels last seen in October 2024.
Shares of Strategy Inc. (NASDAQ:MSTR), Mara Holdings Inc. (NASDAQ:MARA) and CleanSpark Inc. (NASDAQ:CLSK) each fell about 12%.
Commodities also suffered broad-based declines, with silver plunging 13% to $76 an ounce and gold slipping 2% to $4,865 per ounce.
All major U.S. stock averages traded modestly lower, with the Nasdaq 100 headed for a third straight session of losses.
Among post-earnings movers, Alphabet Inc. (NASDAQ:GOOGL) fell 3% despite beating estimates, as ballooning capital expenditure revived concerns over near-term shareholder returns.
Qualcomm Inc. (NASDAQ:QCOM) slumped nearly 7% after issuing weaker-than-expected guidance. Private-equity giant KKR & Co. Inc. (NYSE:KKR) fell 5% after posting a double miss.
Estée Lauder Companies Inc. (NYSE:EL) plummeted 23%, on track for the worst session in the company’s 30-year history. While quarterly adjusted earnings and revenue met expectations, the company warned that tariffs would weigh on fiscal 2026 profitability.
Uber Technologies Inc. (NASDAQ:UBER) rallied 4% despite an earnings miss, as investors reacted positively to management commentary on autonomous-vehicle expansion. Arm Holdings plc (NASDAQ:ARM) jumped 7%.
Amazon.com Inc. (NASDAQ:AMZN) fell 3.4% ahead of its fourth-quarter earnings report due after the bell.
Thursday’s Performance In Major U.S. Indices, ETFs
| Major Indices | Price | 1-day Chg. % |
| Dow Jones | 49,196.08 | -0.6% |
| S&P 500 | 6,840.06 | -0.6% |
| Nasdaq 100 | 24,735.61 | -0.6% |
| Russell 2000 | 2,605.11 | -0.7% |
According to Benzinga Pro platform:
- The Vanguard S&P 500 ETF (NYSE:VOO) slipped 0.7% to $626.52.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.64% to $491.58.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) declined 0.74% to $601.29.
- The iShares Russell 2000 ETF (NYSE:IWM) dropped 0.84% to $258.33.
- The Utilities Select Sector SPDR Fund (NYSE:XLU) outperformed, up 0.28%; the Materials Select Sector SPDR Fund (NYSE:XLB) lagged, down 2.35%.
Russell 1000’s Top 5 Gainers
| Stock Name | % Change |
|---|---|
| McKesson Corporation (NYSE:MCK) | +15.77% |
| Regal Rexnord Corporation (NYSE:RRX) | +12.99% |
| Corpay, Inc. (NYSE:CPAY) | +11.29% |
| Tradeweb Markets Inc. (NASDAQ:TW) | +10.53% |
| ITT Inc. (NYSE:ITT) | +9.83% |
Russell 1000’s Top 5 Losers
| Stock Name | % Change |
|---|---|
| Ralliant Corporation (NYSE:RAL) | -29.23% |
| FMC Corporation (NYSE:FMC) | -21.20% |
| Estée Lauder Companies Inc. (NYSE:EL) | -20.72% |
| Strategy Inc. (NASDAQ:MSTR) | -13.17% |
| U-Haul Holding Company (NYSE:UHAL) | -11.99% |
Photo: Shutterstock
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