On June 10, the iShares Expanded Tech-Software Sector ETF (IGV) declined 5.08% in regular trading, trading at $91.1/share, with trading volume of $1.571 billion. The decline extends a pullback that began in early June after the ETF surged over 30% from its April lows.
The software sector had previously posted its strongest two-day performance relative to the S&P 500 in 25 years, with record retail inflows and call option volumes. However, the rapid gains triggered profit-taking concerns. Schroders noted that despite the prior selloff, software sector valuations remain elevated, warning that a large price decline alone does not equate to value. The ETF had already recorded a 7% two-day drop in early June — its largest since early last year — signaling mounting selling pressure as investors lock in gains from the May rally.
The fund generally invests at least 80% of its assets in the component securities of its underlying index, measuring the performance of U.S.-traded stocks from the software industry and select companies from interactive home entertainment and interactive media and services sub-industries in the U.S. and Canada.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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