Shopify, Upstart, 8x8, BlackLine, and Asure Software Stocks Trade Down, What You Need To Know

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Several tech stocks, including Shopify, Upstart, 8x8, BlackLine, and Asure Software, experienced declines in the afternoon session. This broad sell-off was driven by investors becoming more selective in the AI boom and a stronger-than-expected U.S. jobs report, which pushed back expectations for Federal Reserve interest rate cuts to July. Higher interest rates are a headwind for growth-oriented software companies, leading to re-evaluation of their valuations, with specific concerns about AI’s potential to disrupt traditional software models also impacting some stocks like Upstart.

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