The software sector is trading significantly lower in the pre-market, with the IGV ETF down -3.47%. The primary catalyst appears to be a downgrade of Apple by KeyBanc, which cited concerns about slowing growth for iPhones and services. This news is weighing on the broader technology sector, which was already under pressure from concerns that the recent AI-driven rally may be overextended. The negative sentiment follows a selloff in semiconductor stocks in the previous session.