Software stocks recover some ground after Monday’s sell-off
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Software stocks regained some ground during Tuesday trading, following Monday’s widespread sell-off, which led to declines across the board.
Palantir (NYSE:PLTR) led the revival, as it surged 11% by noon trading following strong second quarter 2024 earnings reported the evening prior.
ServiceNow (NYSE:NOW), Autodesk (NASDAQ:ADSK) and Cadence Design Systems (NASDAQ:CDNS) all climbed 3%.
Microsoft (NASDAQ:MSFT), Snowflake (SNOW) and Synopsys (NASDAQ:SNPS) all edged up 2%, while Oracle (NYSE:ORCL) and Adobe (ADBE) both ticked up about 1.5%.
Meanwhile, Salesforce (CRM) and Workday (WDAY) inched 1% higher.
Among cybersecurity software providers, Palo Alto Networks (NASDAQ:PANW) and CrowdStrike (NASDAQ:CRWD) both increased about 3% while SentinelOne (S) was up 1%.
Monday’s sell-off led to the S&P 500 sliding 3%, the sharpest decline in nearly two years. Stocks began moving lower after a run of soft economic data leading up to July’s slower-than-expected U.S. payrolls report released Friday.