CHAT is trading sharply lower at $96.79 (-7.00%) as a broad information technology selloff accelerates, triggered by weak enterprise spending signals.
- Accenture’s disappointing revenue results and lowered outlook signaled softer consulting and enterprise tech spending, sparking a selloff across IT services and software sectors.
- The ETF is heavily impacted due to its 48% exposure to the IT sector, which is seeing significant pressure today.
- Traders are rotating out of higher-beta tech and growth exposure as major indices, particularly the Nasdaq, face broader market headwinds.