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Barchart
Barchart
Rich Asplund

Stocks Pressured by Weakness in Software and Tech Stocks

The S&P 500 Index ($SPX) (SPY) today is up +0.17%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.03%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.30%. September E-mini S&P futures (ESU26) are up +0.11%, and September E-mini Nasdaq futures (NQU26) are down -0.36%.

Stock indices are mixed today. Weakness in software stocks is weighing on the broader market, led by a -15% plunge in Datadog after it reported Q2 adjusted gross margin below consensus. Technology stocks are also under pressure, led by a -19% fall in AppLovin after it missed analysts’ revenue estimates. Memory chipmakers are retreating today after SanDisk forecast weaker-than-expected Q1 revenue. Chipmakers are also weighed down by negative carryover from today’s -4% decline in South Korea’s Kospi Index, led by losses in SK Hynix and Samsung Electronics.

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