Software Stocks Rebound as Rising Bond Yields Pressure Markets
publishers 41articles 64first reported 23 Sep, 23:47 UTCdeveloping since 23 Sep · 9 editionstop 25 #22
U.S. technology shares showed mixed leadership as software stocks rebounded while rising government bond yields weighed on broader markets.
CNBC reported that the iShares Expanded Tech-Software Sector ETF gained 17% in the third quarter, while the iShares Semiconductor ETF fell 11%. Salesforce rose 46%, Microsoft gained 37%, Workday climbed 55% and Veeva advanced 60%. CrowdStrike added 39% as cybersecurity stocks also performed strongly.
Jim Cramer attributed the software rebound partly to easing fears that artificial intelligence would disrupt the sector. He pointed to Salesforce’s quarterly results and its Claudeforce offering, which allows customers to use Anthropic’s Claude with Salesforce data. For Microsoft, he cited demand for Copilot, faster Azure growth and returns from data-center investment.
Some earlier data-center beneficiaries retreated, with Corning down nearly 40% and Caterpillar falling 24% during the quarter, according to CNBC. The major U.S. averages recorded modest quarterly gains despite the changes beneath the surface.
At the same time, a selloff in U.S. and European government bonds deepened, The Wall Street Journal reported. TradingView said the 30-year U.S. Treasury yield moved above 5.5%, while CNBC reported that stock futures were little changed after higher yields contributed to a losing session. Financial stocks have also weakened in recent weeks, according to MarketWatch.
HOW THIS STORY WAS MADE
Written from 8 articles, 1 with the publisher's own text; 7 independent newsrooms once syndicated copies count as one; this version written 24 h after the record first saw the story; the editor kept it as written.
- Publishers
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- Source articles
- 64
- Given to the writer
- 8, 1 with the article's own text
- Independent newsrooms
- 7
- This version written
- 24 h after the record first saw the story
- Second model (editor)
- kept as written
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- passed
- Human review
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