Wall Street began September trading on a bitter note with shares, including enterprise tech stocks, falling on Tuesday.
The dollar gained across the board as a rise in global bond yields triggered selling in the euro, the pound, and other currencies. The U.S.10-year Treasury yield rose 3 basis points to 4.26%. The benchmark S&P 500 Index dipped about 1%.
Several software stocks were in the red on Tuesday. Shares of software giant Microsoft (NASDAQ:MSFT) dipped about 1%, while creative software maker Adobe (ADBE) declined nearly 3%. Palantir Technologies (PLTR), which develops software platforms for the intelligence community, fell around 1%.
Salesforce (CRM), Oracle (ORCL), and Workday (WDAY) fell about 1% each. Snowflake (SNOW), Asana (ASAN) and Innodata (INOD) each tumbled around 3%, while Atlassian (TEAM) fell nearly 2%. Elastic (ESTC), Pegasystems (PEGA) and monday.com (MNDY) each dipped about 1%.
MongoDB (MDB) seemed to buck the trend and rose around 2%.
Several cybersecurity stocks were also among the losers. Fortinet (FTNT) slumped about 4% following a rating cut at Morgan Stanley. CrowdStrike (CRWD) declined around 3%, while Cloudflare (NET) and Datadog (DDOG) dipped nearly 1% each.