IGV is trading 5.7% down today as escalating geopolitical tensions in the Strait of Hormuz and weak earnings from key software players trigger a sector-wide selloff.
- Disappointing after-hours results from ServiceNow (-13%) and IBM (-7%) are dragging the sector lower, with both companies reporting stalled tech deals.
- Oil prices climbing above $103/barrel have intensified risk-off sentiment, further impacting software and IT spending outlooks.
- Broader market declines are being amplified by a cautious outlook from Tesla, despite an EPS beat, adding pressure to tech-heavy indices.