Don’t look now, folks, but SaaS is catching a bid. These names have been annihilated and catapulted into today’s session. ServiceNow (NOW) had a couple of upgrades this morning, and they are all breathing a sigh of relief.

• ServiceNow (NOW): +5.4%
• Workday (WDAY): +5.8%
• Atlassian (TEAM): +4.8%

Salvage Job

In addition to ServiceNow (NOW) upgrades, Morgan Stanley has made positive comments on the sector.

Investing.com -- Morgan Stanley analysts are pushing back on the software sector’s reaction to the rise of managed AI agents, arguing that the selloff in cloud infrastructure stocks misreads how the technology works.

I look at that volume spike during last week's selloff and wonder if it could be the low point for software (IGV).

Software stocks are joined by semiconductor names, which continue to carry the sector and the market.