Tradeable bounce is developing in software stocks, Raymond James says. The S&P 500 Software Industry Index attempts to stabilize near 6,156.06 and the 200-week moving average, levels that previously held during the 2025 "Tariff Tantrum." Analysts note diminishing seller enthusiasm, citing declining volume over the past two weeks.

Initial upside targets 6,573.85 (4.5% gain) and 7,180.65 (14.2% rally) are highlighted, with Microsoft, Oracle, Intuit, Cisco, Adobe, and Palantir identified as potential rebound candidates. Hardware stocks, however, maintain stronger momentum, with the S&P 500 Technology Hardware & Equipment Index breaking above key resistance, signaling a possible all-time high. While the near-term software rebound looks viable, hardware’s long-term outperformance is expected to persist.