Software Stocks Plummet, Bitcoin Erases Post-Trump Election Rally: What’s Moving Markets Wednesday?
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 …
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