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New: Instantly spot drawdowns, dips, insider moves, and breakout themes across Maps and Screener.
The software-led tech selloff extended into Wednesday, with the iShares Expanded Tech-Software Sector ETF (NYSE:IGV) falling for a seventh straight session and sliding back to levels last seen during the April 2025 tariff shock.
The weakness spilled across the broader tech complex. The Nasdaq 100 fell 2.2%, after Tuesday's 1.7% decline, as investors continued to rotate aggressively out of long-duration growth and into energy and materials.
That rotation has been unusually violent.
The Energy Select Sector SPDR Fund (NYSE:XLE) has outperformed the Technology Select Sector SPDR Fund (NYSE:XLK) by roughly 10 percentage points over the past two sessions, marking the largest relative move between energy and tech since November 2020, during the Covid-19 vaccine breakthrough.
Crypto markets echoed the tech risk-off tone. Bitcoin (CRYPTO: BTC) slid 2.5% to around $73,000 — its lowest level since early November 2024 — fully erasing the post-Trump election rally.
Shares of Strategy Inc. (NASDAQ:MSTR) sank 8% to their weakest level since September 2024, while Solana (CRYPTO: SOL) and Ethereum (CRYPTO: ETH) dropped roughly 7% and 5%, respectively.
Semiconductors were hit hard. Advanced Micro Devices Inc. (NASDAQ:AMD) plunged 17% — its worst session since May 2017 — despite posting better-than-expected earnings, as investors focused on rising concerns over AI-driven disruption across software and data-centric business models.
Broadcom Inc. (NASDAQ:AVGO) fell 6%, while Nvidia Corp. (NASDAQ:NVDA) slid 3%.
Palantir Technologies Inc. (NASDAQ:PLTR) tumbled more than 12%, reversing part of Tuesday's 6.9% surge.
Not all earnings reactions were negative. MGM Resorts International (NYSE:MGM) rallied 12.4%, Eli Lilly & Co. (NYSE:LLY) jumped 9%, and Enphase Energy Inc. (NASDAQ:ENPH) surged 35% — its strongest single-day gain since February 2020.
| Major Indices | Price | 1-day Chg (%) |
| Dow Jones | 49,417.82 | +0.4% |
| S&P 500 | 6,869.01 | -0.7% |
| Russell 2000 | 2,604.42 | -1.7% |
| Nasdaq 100 | 24,817.41 | -2.1% |
According to Benzinga Pro platform:
| Stock Name | % Change |
|---|---|
| Enphase Energy, Inc. | +36.10% |
| Reynolds Consumer Products Inc. (NASDAQ:REYN) | +13.89% |
| Columbia Sportswear Company (NASDAQ:COLM) | +12.88% |
| Lear Corporation (NYSE:LEA) | +11.89% |
| MGM Resorts International | +11.26% |
| Stock Name | % Change |
|---|---|
| Advanced Micro Devices, Inc. | −17.27% |
| Flex Ltd. (NASDAQ:FLEX) | −15.71% |
| Wayfair Inc. (NYSE:W) | −15.29% |
| AppLovin Corporation (NASDAQ:APP) | −15.24% |
| Boston Scientific Corporation (NYSE:BSX) | −14.86% |
Image: Shutterstock
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Stock Market Today: Nasdaq Sinks As Tech Sell-Off Intensifies; Chip Stock Soars (Live Coverage)
AMD -17.27%
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