Workday, Oracle slump as cloud companies get caught in wide market selloff
TU IS


Cloud software companies saw their shares take it on the chin Wednesday largely through no fault of their own, but due to a broader market feeling the impact of rising Treasury yields upon stocks in general.
Human resources software leader Workday (NASDAQ:WDAY) was among the decliners, as its shares fell 4% in late trading. Losses also came from Oracle (NYSE:ORCL) and Snowflake (SNOW), both of which fell by 1.3%; CrowdStrike Holdings (CRWD), down by 2.6%, Coupa Software (COUP), which fell more than 5%, and Freshworks (FRSH), down by almost 4%.

One outlier was Adobe (ADBE), which rose 2.6% as analysts generally supported the media-software company's earnings revenue outlook for next year.
The market on the whole was in the red as Wall Street wavered following a rise in Treasury yields, which signaled more concerns about the likelihood of the U.S. economy heading into a recession.
IBM (NYSE:IBM), which reports its third-quarter results after the close of trading, dipped just below its breakevens line. Investors are expected to pay close attention to what IBM (IBM) says about its software and intelligent cloud businesses in its earnings report.