LIVE MARKETS-US software shares up for a 4th day as market sells off
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US SOFTWARE SHARES UP FOR 4TH DAY AS MARKET SELLS OFF
Recently battered software industry shares .SPLRCIS are on track for a fourth straight day of gains on Thursday and are up about 6% for the week so far, bucking the broader trend in the U.S. stock market this week.
The S&P software and select services industry index is up 1.5% on Thursday. At the same time, the iShares expanded tech-software sector exchange-traded fund IGV.P is up 1.7% on the day, also set for a fourth straight day of gains and up 6.8% for the week so far.
The software industry index remains down more than 16% for the year so far. The shares suffered a sharp selloff in recent weeks tied to worries about the disruptive potential of artificial intelligence in certain industries such as software.
"We're 99% done with the software selloff," Thomas Lee, co-founder and head of research at Fundstrat Global Advisors, said in his "Macro Minute Video Update" Wednesday.
"If you're wondering our take, I would start to leg into things we think are the leaders, which is Mag 7, software and crypto," he said, referring to the Magnificent Seven group of high-performing stocks.
The market overall has been rattled this week by worries about the U.S.-Israel war against Iran, with all three of the major U.S. stock indexes down more than 1% on Thursday afternoon and the S&P 500 .SPX down more than 1% for the week.
(Caroline Valetkevitch)
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