Software stocks are closing out a standout week, with the iShares Expanded Tech-Software Sector ETF (NYSE:IGV) surging more than 14% over the past five sessions — a sharp rebound after a brutal early-April selloff that had dragged the sector to multi-month lows.
- CRM stock is moving. See the chart and price action here.
The IGV is trading at $85.58 on Friday, up 1.45% on the session and up roughly 14.6% from last Friday’s close of $74.67, when the ETF had just bottomed at a 52-week low of $73.93, per Benzinga Pro data.
Volume has been heavy throughout the week, confirming the bounce is more than a dead-cat move.
Salesforce Leads Mega-Cap Rebound
Salesforce (NYSE:CRM) is trading at $183.58, up 1.30% on the day and riding a multi-day recovery that has lifted the stock more than 11% off last week’s $164.96 close.
According to Benzinga Pro data, shares bottomed at a 52-week low of $163.52 on April 10 before staging a sharp V-shaped reversal that has now carried the stock back above $183.
Volume on Friday is tracking lighter than the panic-selling sessions earlier in the month, another sign that sellers are exhausted.
Adobe Pauses After Sharp Rally
Adobe (NASDAQ:ADBE) is taking a breather, slipping 1.39% to $244.71 after a strong run earlier in the week.
Even with the pullback, shares are up roughly 8.6% from last Friday’s close of $225.35. The stock touched an intraday high of $254.08 on Friday before fading.
Adobe remains well off its 52-week high of $422.95, but the sharp rebound to the $240 level suggests buyers are stepping back in after the stock’s early-April washout.
ServiceNow Posts Biggest Weekly Gain
ServiceNow (NYSE:NOW) is the strongest performer of the trio on a weekly basis, trading at $96.66, up a modest 0.23% Friday but up a striking 16.5% from last week’s $83 close.
The stock had cratered to a 52-week low of $81.24 on April 10 before rallying back above $96 in four sessions, per Benzinga Pro.
Daily volume during the rebound has run well above recent averages, suggesting possible institutional accumulation on the dip.
The Big Picture
The synchronized bounce across software mega-caps mirrors the IGV’s recovery and hints that the worst of the sector’s April drawdown may be in the rear-view mirror — though all four remain well below their 52-week highs, leaving ample room for the rebound to extend if momentum holds.
The chart below shows the one-month price action for CRM, ADBE and NOW:
Photo: Beautyimage / Shutterstock
Login to comment