IGV is trading at $83.64 (down 1.6%) as software stocks face pressure from reports of an OpenAI revenue miss and investor caution ahead of the Federal Reserve's interest rate decision.
- The decline in software-focused names outpaces the broader market, with the S&P 500 and NASDAQ down 0.17% and 0.19%, respectively.
- Sentiment remains fragile following reports of an OpenAI revenue miss, which continues to weigh on AI-related software and chipmakers.
- Market participants are bracing for volatility with the FOMC rate announcement due today and major Big Tech earnings reports scheduled after the closing bell.