Software Slump Resumes, Bitcoin Plunges To 66,000: What's Moving Markets Wednesday?
After three straight rebound sessions, the software selloff resumed Wednesday, with the iShares Tech-Expanded Software Sector ETF (NYSE:IGV) sliding more than 3%.
Out of more than 100 constituents in the fund, only five managed to avoid losses. Among large-cap names, Palantir Technologies Inc. (NYSE:PLTR) fell 3.7%, while Salesforce Inc. (NYSE:CRM), Intuit Inc. (NASDAQ:INTU) and ServiceNow Inc. (NYSE:NOW) each dropped around 5%.
Elsewhere, major U.S. equity indexes posted timid gains amid conflicting signals from the labor market.
On the surface, the January jobs report appeared strong. Nonfarm payrolls rose by 130,000, nearly double economists' expectations of 70,000, with private-sector employment accounting for 172,000 of those gains. The unemployment rate also unexpectedly declined to 4.3% from 4.4%.
Beneath the headline strength, however, the report was overshadowed by sweeping downward revisions. Total U.S. job growth for 2025 was slashed to just 181,000, equivalent to roughly 15,000 jobs per month — the weakest year for employment growth outside of a recession since 2003.
In addition, payroll estimates between April 2024 and March 2025 were revised down by a staggering 894,000 jobs.
By midday trading in New York, the S&P 500 was up 0.1%, while the Nasdaq 100 gained 0.3%. While software stocks weighed on performance, physical semiconductor names showed notable strength.
Micron Technology Inc. (NASDAQ:MU) jumped more than 7% after Morgan Stanley raised its price target to $450. The broader VanEck Semiconductor ETF (NYSE:SMH) advanced 2.7%.
Among earnings movers, Robinhood Markets Inc. (NASDAQ:HOOD) tumbled 12% following a revenue miss and weaker-than-expected cryptocurrency trading results.
On the upside, American International Group Inc. (NYSE:AIG) climbed 6%, while Gilead Sciences Inc. (NASDAQ:GILD) rose 5%.
Meanwhile, Unity Software Inc. (NYSE:U), Mattel Inc. (NASDAQ:MAT) and Zillow Group Inc. (NASDAQ:Z) plunged 28%, 22% and 17%, respectively.
In commodities, gold advanced 1.3% to $5,090 per ounce, while silver surged 4.8% to $85.
In crypto markets, Bitcoin (CRYPTO: BTC) slid more than 3% to around $66,000, on track for a third consecutive daily decline. Shares of Strategy Inc. (NASDAQ:MSTR) fell over 5%.
Wednesday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day % |
| Nasdaq 100 | 25,192.15 | 0.3% |
| S&P 500 | 6,951.77 | 0.1% |
| Dow Jones | 50,157.27 | -0.1% |
| Russell 2000 | 2,654.28 | -1.0% |
According to Benzinga Pro platform:
- The iShares Russell 2000 ETF (NYSE:IWM) fell 0.9% to $263.73.
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) slipped 0.1% to $501.51.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) gained 0.2% to $612.64.
- The Vanguard S&P 500 ETF (NYSE:VOO) advanced 0.1% to $637.14.
- The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 2.5%; the Financial Select Sector SPDR Fund (NYSE:XLF) lagged, down 1.2%.
Russell 1000's Top 5 Gainers And Losers On Tuesday
Gainers
| Stock Name | % Change |
|---|---|
| Teradata Corporation (NYSE:TDC) | +24.99% |
| BorgWarner Inc. (NYSE:BWA) | +22.70% |
| Vertiv Holdings Co (NYSE:VRT) | +19.17% |
| Generac Holdings Inc. (NYSE:GNRC) | +17.14% |
| Solstice Advanced Materials Co (NYSE:SAM) | +17.07% |
Losers
| Stock Name | % Change |
|---|---|
| Unity Software Inc. | -28.25% |
| Mattel Inc. | -22.77% |
| Astera Labs Inc. (NASDAQ:ALAB) | -19.49% |
| Zillow Group Inc. | -16.90% |
| Avantor Inc. (NYSE:AVTR) | -16.35% |
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