Software stocks rise as AI worries hit Nasdaq
XLK•Other software-related names also gain
U.S.-listed shares of Thomson Reuters (TRI.N), the parent company of Reuters News, rose about 7%.
IT consulting companies Infosys (INFY.N), Wipro (WIT.N) and Cognizant (CTSH.O) rose between 1.4% and 7%.
European software stocks move higher too
Shares of European software companies SAP (SAPG.DE), Sage (SGE.L) and Dassault Systemes (DAST.PA) also gained between 2% and 8%.
The S&P 500 Software & Services Index (.SPLRCIS) is down 8.6% year to date.
Software shares rally as Nasdaq slides on AI concerns
Shares of software companies rose on Tuesday as worries about artificial intelligence weighed on the Nasdaq.
Enterprise software companies Salesforce (CRM.N), Workday (WDAY.O), ServiceNow (NOW.N), Intuit (INTU.O), Atlassian (TEAM.O) and IBM (IBM.N) rose between 2% and 8%.
