business / news / / CNBC TV18
S&P 500 gained for seventh straight day on Thursday but this segment sold-off again.
The iShares Expanded Tech-Software Sector ETF (IGV) closed at its lowest level since 2023.
KEY POINTS
- IGV has extended its year-to-date losses to 27%, with SaaS indices down nearly 40%.
- Major software stocks like ServiceNow, Palantir, and Workday saw declines between 5% and 8%.
- The launch of Anthropic's Claude Managed Agents and Meta's new AI model are driving sector concerns.
- Software sector valuations have dropped to 20.6 times earnings, well below the ten-year average of 34.
COMPANIES
Summarized by Newsio from CNBC TV18. How we summarize →