Tech Stocks Plunge, S&P 500 Hits Two-Week Low
The selloff in the software space infected the overall sentiment and saw major indices reverse yesterday's gains, sending S&P 500 to its worst levels in two weeks at Tuesday's lows. While basic Materials and Energy again outperformed, the story was the outsized selloff in the Tech sector, punctuated by the tremendous decline in IT Services. Investors - in part spooked by the vitality of the Anthropic AI tool - punished shares of industry stalwarts such as Gartner, S&P Global, Intuit, Cognizant, and Accentureby double digits. Adobe- already down over 30% from last years high - fell another 7% to a six-year low. The opening hour of the evening session is not nearly as panicked, though traders are also not rushing back into risk-on mode - S&P eminis are flat, Nasdaq 100 is down a decimal, and Dow Industrials is up 0.1%.In commodities, WTI Crude Oil is up for the second day, with front-month contract now above $63.50 in the wake of a large draw reported with API Petroleum inventories data. Likewise, precious metals are bid higher for the second straight day, with gold re-approaching the $5,000 level and Silver steady above $84 per ounce.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Enphase Energyup 19.4%Silicon Motion Technologyup 15.3%Match Groupup 7.7%Columbia Sportswearup 7.0%Lumentumup 6.4%Super Microup 5.7%Take-Twoup 5.6%Champion Homesup 5.2%Amdocs Limitedup 4.6%Amgenup 1.8%Skyworksup 1.5%DOWN AFTER EARNINGS -Intappdown 20.3%Varonis Systemsdown 15.0%Mercury Systemsdown 14.4%AMDdown 7.8%Chipotledown 6.1%Modelezdown 4.3%Cloroxdown 2.3%ALSO LOWER -nLIGHTdown 8.4% after equity offering
