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Software Stocks Pummeled Even Harder Than Rest of Tech Market

  • Sector ETF on track for longest weekly loss since 2001
  • High-growth firms like Zoom have lost half of market value
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Retailers Lead the Selloff on Wall Street

Software companies that delivered fantastic returns in recent years have lost more than half of their value since hitting peaks last fall.

Lockdown darlings Zoom Video Communications Inc., DocuSign Inc., Snowflake Inc. and Asana Inc. each experienced double-digit gains during the pandemic then crashed this year.