The technology sector declined in after-hours trading, driven by a significant profit warning from IBM. The company announced preliminary second-quarter results that fell short of analyst expectations, citing weakness in its software and infrastructure divisions as clients shifted spending to hardware. The news, which sent IBM's shares plunging by over 20%, also dragged down other major software stocks like Microsoft and Salesforce, creating broad negative sentiment across the software sub-sector.
IBM Profit Warning Weighs on Tech Sector After-Hours