Shares of Zoom, AppLovin, and Doximity declined in afternoon trading as tech stocks faced pressure from deteriorating macro conditions and an unwinding of retail leverage. A reinstated U.S. naval blockade on Iran pushed Brent crude past $85 a barrel, raising expectations that the Federal Reserve will hold rates in the 3.50%–3.75% range, which could drive stricter scrutiny of AI investments in the software sector. Zoom fell 2.5%, AppLovin dropped 2%, and Doximity lost 2.3%. Zoom's move was considered meaningful but not fundamentally perception-changing, and the stock remains 18.9% below its 52-week high of $111.88 from June 2026 despite a year-to-date gain of 8.9%.
Applovin Corp
Salesforce.com Inc
Doximity Inc
ServiceNow Inc
Zoom Video Communications Inc
Zoom Corp.