Premarket carnage in software is having only marginal impact on the broader markets.
Premarket carnage in software is having only marginal impact on the broader markets. DDOG and APP were down 15% and 18% respectively on reactions to earnings. Major software names are down in sympathy, but showing more modest declines of 2% to 3%. Nasdaq futures are suffering less than a 1% decline. This fall is probably very recoverable over the course of the trading session. Agile traders will be looking for opportunities to buy dips, probably in sectors other than software.
The SPCX lockup expirations are on everyone’s mind. If traders don’t see the implosion that many expect, then you may find Kapnotes moving it from the red column to the green.
Keeping our eyes forward, we are watching oil and oil companies. Two days ago, Treasury Secretary Bessent teased a possible Iran deal that was to happen as soon as today. No announcement yet. If no joy is forthcoming on this front soon, integrated oil may be worth a look.
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