Mattel Stock Tanks 22% as Software Sector Slides Over 3%
Mattel shares plunged 22% in Wednesday trading, marking the largest one-day decline among Russell 1000 names after the iShares Expanded Tech-Software ETF slid over 3%. The selloff left only five of more than 100 software sector constituents in positive territory.
1. Mattel's One-Day Collapse
On February 11, Mattel shares tumbled 22.8% in New York trading, the steepest one-day drop among Russell 1000 components, eliminating over $2 billion in market capitalization. The decline overshadowed modest gains in major U.S. equity indexes and marked Mattel’s worst session since [data point].
2. Tech Sector Selloff
The downturn in Mattel coincided with a broader software slump, as the iShares Expanded Tech-Software ETF sank more than 3%, and only five of its over 100 holdings avoided losses. Major software names including Palantir, Salesforce, Intuit and ServiceNow each fell around 4–5%, amplifying selling pressure across the sector.
3. Market Drivers
The tech selloff reflected conflicting labor-market signals after revisions slashed 2025 job growth by nearly 900,000 roles, combined with a 3% drop in Bitcoin to $66,000. Semiconductor stocks bucked the trend, with Micron jumping over 7% on a raised price target and the VanEck Semiconductor ETF advancing 2.7%, underscoring sector rotation.