Tech rally sweeps up beaten-down software stocks

Atlassian

29/05/2026 15:31

** Shares of U.S. software firms rise broadly, buoyed by a tech-wide rally
** ServiceNow NOW.N jumps 11%, IBM IBM.N rises 8.9% and Atlassian TEAM.O climbs 6.3%
** Workday WDAY.O rises 5.3%, while Salesforce CRM.N gains 6.5%
** Palo Alto Networks PANW.O and Datadog DDOG.O add 4.6% and 4.9%, respectively
** Gains come amid a broader advance for the U.S. tech sector, with Dell DELL.N surging about 30% after the PC maker's blockbuster quarterly results
** Software stocks' rally marks a welcome reprieve for a sector that has endured a prolonged stretch of selling pressure amid concerns that AI agents could threaten traditional business models
** iShares Expanded Tech‑Software Sector ETF IGV.P and the S&P 500 software sector .SPLRCIS both climb to their highest levels in four months, clawing back much of the ground lost earlier in the year; last down 6.7% and 8.5% YTD, respectively 

 (Reporting by Ragini Mathur in Bengaluru)
 ((Ragini.Mathur@thomsonreuters.com;))