Software stocks took a broad hit this afternoon. The sell-off seems driven by fears that new 'agentic AI' tools could disrupt traditional SaaS business models. There was also pressure from the macro side. A stronger-than-expected US jobs report pushed back investor expectations for interest rate cuts from June to July. The Nasdaq fell 1.5%. Specific movers included 8x8 (down 6.5%), Intuit (down 5.2%), MongoDB (down 5.2%), Fastly (down 3.9%), and MicroStrategy (down 3.5%).