Software stocks and the broader Nasdaq Composite rose more than 1% as dip-buyers rushed into the market after days of intense selling.

SaaS companies took major hits: Microsoft closed down 2.87%, SAP was down 3.29% this morning on the German market, Salesforce lost 6.85% yesterday and was further down in overnight trading, ServiceNow was down 6.97% yesterday and was marginally lower overnight, also.

Tech stocks are dragging down Wall Street this week as investors flee once-hot shares.

It’s also widened to include the industry’s Wall Street backers, from lenders to private equity owners for whom software firms have been popular targets. More than $17.7 billion of US tech company loans in a Bloomberg index dropped to distressed trading levels during the past four weeks.

Major stock indexes closed sharply lower and bitcoin plunged to near $62,000 Thursday amid broad risk-off sentiment, as investors weighed the latest Big Tech earnings and downbeat labor data.

US stocks got hit as oil investors skimmed profits in the tech sector and concerns rose over higher oil prices.

The memory chip specialist has room to run much higher in the coming year.

It might be hard for investors to feel upbeat while tech stocks are tumbling. But that's exactly how some experts are reacting to the rout.