Enterprise stocks slump as broader market sees red

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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 [https://seekingalpha.com/news/4491211-wall-street-dow-sp500-nasdaq] 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 [https://seekingalpha.com/symbol/MSFT]) dipped about 1%, while creative software maker Adobe (ADBE [https://seekingalpha.com/symbol/ADBE]) declined nearly 3%. Palantir Technologies (PLTR [https://seekingalpha.com/symbol/PLTR]), which develops software platforms for the intelligence community, fell around 1%.

Salesforce (CRM [https://seekingalpha.com/symbol/CRM]), Oracle (ORCL [https://seekingalpha.com/symbol/ORCL]), and Workday (WDAY [https://seekingalpha.com/symbol/WDAY]) fell about 1% each. Snowflake (SNOW [https://seekingalpha.com/symbol/SNOW]), Asana (ASAN [https://seekingalpha.com/symbol/ASAN]) and Innodata (INOD [https://seekingalpha.com/symbol/INOD]) each tumbled around 3%, while Atlassian (TEAM [https://seekingalpha.com/symbol/TEAM]) fell nearly 2%. Elastic (ESTC [https://seekingalpha.com/symbol/ESTC]), Pegasystems (PEGA [https://seekingalpha.com/symbol/PEGA]) and monday.com (MNDY [https://seekingalpha.com/symbol/MNDY]) each dipped about 1%.

MongoDB (MDB [https://seekingalpha.com/symbol/MDB]) seemed to buck the trend and rose around 2%.

Several cybersecurity stocks were also among the losers. Fortinet (FTNT [https://seekingalpha.com/symbol/FTNT]) slumped about 4% following a rating [https://seekingalpha.com/news/4491160-fortinet-receives-downgrade-as-firewall-refresh-disappoints-morgan-stanley] cut at Morgan Stanley. CrowdStrike (CRWD [https://seekingalpha.com/symbol/CRWD]) declined around 3%, while Cloudflare (NET [https://seekingalpha.com/symbol/NET]) and Datadog (DDOG [https://seekingalpha.com/symbol/DDOG]) dipped nearly 1% each.

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