Microsoft, Adobe among enterprise stock seeing green after Trump wins presidential elections

Enterprise software stocks jumped on Wednesday following the U.S. Presidential elections results, wherein Donald Trump defeated Vice President Kamala Harris and would return to the White House to be the country’s 47th President.

Adobe (NASDAQ:ADBE) +4%, CrowdStrike (CRWD) +4%, Microsoft (NASDAQ:MSFT) +2%, Atlassian (TEAM) +3%, Workday (WDAY) +3%, Salesforce (CRM) +3%, Oracle (NYSE:ORCL) +5%, ServiceNow (NOW), Intuit (INTU) +7%, Palo Alto Networks (PANW) +4%, and Palantir Technologies (PLTR) +5% were some of the enterprise software stocks which reacted positively to the Trump victory.

Meanwhile, German software giant SAP (SAP) saw its stock dip about 3% on Tuesday.

Trump has won 276 electoral votes, compared to Harris who stands at 223, as per a report by CNN.

Earlier this month, ServiceNow’s CFO Gina Mastantuono had said that the elections could impact seasonality, but ultimately, the demand is not going anywhere. The focus of federal agencies on digital transformation will not change whoever is behind the Resolute Desk, as they increase efficiency and make things easier for themselves and their constituents, Mastantuono added.

Earlier in the day, Wedbush Securities noted that there will likely be “significant AI initiatives” coming from Washington D.C. that should benefit companies such as Microsoft among others.