Software Stocks Plummet, Bitcoin Erases Post-Trump Election Rally: What's Moving Markets Wednesday?

The software-led tech selloff extended into Wednesday, with the iShares Expanded Tech-Software Sector ETF (NYSE:IGV) falling for a seventh straight session and sliding back to levels last seen during the April 2025 tariff shock.

The weakness spilled across the broader tech complex. The Nasdaq 100 fell 2.2%, after Tuesday's 1.7% decline, as investors continued to rotate aggressively out of long-duration growth and into energy and materials.

That rotation has been unusually violent.

The Energy Select Sector SPDR Fund (NYSE:XLE) has outperformed the Technology Select Sector SPDR Fund (NYSE:XLK) by roughly 10 percentage points over the past two sessions, marking the largest relative move between energy and tech since November 2020, during the Covid-19 vaccine breakthrough.

Crypto markets echoed the tech risk-off tone. Bitcoin (CRYPTO: BTC) slid 2.5% to around $73,000 — its lowest level since early November 2024 — fully erasing the post-Trump election rally.

Shares of Strategy Inc. (NASDAQ:MSTR) sank 8% to their weakest level since September 2024, while Solana (CRYPTO: SOL) and Ethereum (CRYPTO: ETH) dropped roughly 7% and 5%, respectively.

Semiconductors were hit hard. Advanced Micro Devices Inc. (NASDAQ:AMD) plunged 17% — its worst session since May 2017 — despite posting better-than-expected earnings, as investors focused on rising concerns over AI-driven disruption across software and data-centric business models.

Broadcom Inc. (NASDAQ:AVGO) fell 6%, while Nvidia Corp. (NASDAQ:NVDA) slid 3%.

Palantir Technologies Inc. (NASDAQ:PLTR) tumbled more than 12%, reversing part of Tuesday's 6.9% surge.

Not all earnings reactions were negative. MGM Resorts International (NYSE:MGM) rallied 12.4%, Eli Lilly & Co. (NYSE:LLY) jumped 9%, and Enphase Energy Inc. (NASDAQ:ENPH) surged 35% — its strongest single-day gain since February 2020.

Major Indices	Price	1-day Chg (%)
Dow Jones	49,417.82	+0.4%
S&P 500	6,869.01	-0.7%
Russell 2000	2,604.42	-1.7%
Nasdaq 100	24,817.41	-2.1%

According to Benzinga Pro platform:

• iShares Russell 2000 ETF (NYSE:IWM) fell 1.77% to $258.12
• SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) edged 0.23% higher to $493.44.
• Invesco QQQ Trust (NASDAQ:QQQ) slid 2.23% to $602.79.
• Vanguard S&P 500 ETF (NYSE:VOO) declined 0.89% to $628.50.

Russell 1000’s Top Performing Stocks On Wednesday

Stock Name	% Change
Enphase Energy, Inc.	+36.10%
Reynolds Consumer Products Inc. (NASDAQ:REYN)	+13.89%
Columbia Sportswear Company (NASDAQ:COLM)	+12.88%
Lear Corporation (NYSE:LEA)	+11.89%
MGM Resorts International	+11.26%

Stock Name	% Change
Advanced Micro Devices, Inc.	−17.27%
Flex Ltd. (NASDAQ:FLEX)	−15.71%
Wayfair Inc. (NYSE:W)	−15.29%
AppLovin Corporation (NASDAQ:APP)	−15.24%
Boston Scientific Corporation (NYSE:BSX)	−14.86%

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