With Software (IGV) down 3.0%, this looks like a sector-led move rather than a company-specific surprise.
The software sector fell over 3% as a hotter-than-expected U.S. consumer price index report fueled fears of a more aggressive Federal Reserve. This macroeconomic news triggered a widespread market decline, with growth-oriented sectors like technology being hit particularly hard. Adding to the negative sentiment, an RBC Capital Markets strategist downgraded the tech sector, citing elevated valuations and concerns over a potential market pullback.