Most enterprise software stocks followed the broader market down by noon Tuesday during a possible risk-off day due in part to U.S. and Europe trade tensions surrounding Greenland.
The iShares Expanded Tech-Software Sector ETF (IGV) was down 1.2%, following the major indices, such as the tech-focused Nasdaq Composite (COMP:IND), which was down 1.5%. The S&P 500 (SP500) and the Dow Jones Industrial (DJI) had both declined about 1.2% as well.
Adobe (ADBE) continued its steady fall and had declined 1.8% by noon trading. Its share value has declined by 33% over the past year. Workday (WDAY) had slipped 1.5%, while Palantir (PLTR) inched down 0.3%. Autodesk (ADSK) had dropped 3%.
Meanwhile, Salesforce (CRM) and Zoom (ZM) had dropped slightly by 0.2% and 0.1%, respectively. However, Atlassian (TEAM) had gained 0.4%, while ServiceNow (NOW) was up 0.6%. ServiceNow announced today it entered into a multi-year collaboration with OpenAI (OPENAI) to provide enterprise customers access to OpenAI’s frontier models and custom-built artificial intelligence solutions.
Monday.com (MNDY) had gained 2%.
Software cybersecurity firms were mostly in the red as well. Check Point Software Technologies (CHKP) had declined 1.2%, Fortinet (FTNT) inched down 0.1%, CrowdStrike (CRWD) had dropped 1.5% and Zscaler (ZS) had slid 1.9%.