Software stocks are seeing considerable weakness during trading on Tuesday, contributing to the substantial pullback by the broader markets.
Reflecting the weakness in the software sector, the NYSE Arca Software Index is currently down by 2.6 percent. The loss extends a recent downward move by the index, which has fallen to its worst intraday level in well over a month.
The weakness among software stocks comes amid broad based selling pressure in the markets due to concerns about escalating tensions between North and South Korea as well as lingering worries about the impact of the debt crisis in Ireland.
Adobe Systems (ADBE) is helping to lead the sector lower, with the software developer currently down by 4.9 percent. With the loss, shares of Adobe haven fallen to a one-month intraday low.
Tibco Software (TIBX) and Sapient (SAPE) are also posting notable losses and are both currently down by 3.1 percent. Notably, Sapient is poised to end the day a two-month closing low.
Intuit (INTU), BMC Software (BMC), and Oracle (ORCL) are also under pressure, contributing to the weakness in the sector.
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