🔻 Palantir Leads Enterprise Software Decline with 4% Drop
Palantir Technologies Inc. (NASDAQ: PLTR) saw its stock slide 4% by the close of U.S. markets on Tuesday, leading losses in the enterprise software sector. The broader downturn came as investors braced for the Federal Reserve’s interest rate decision on Wednesday.
📊 Software Giants in the Red: Microsoft, ServiceNow, and Google Slip
The sell-off wasn’t limited to Palantir—several tech heavyweights also closed lower:
- Microsoft (NASDAQ: MSFT) dipped 1%, extending recent losses.
- ServiceNow (NYSE: NOW) slipped 1.5%, while Salesforce (NYSE: CRM) and Atlassian (NASDAQ: TEAM) each fell by 0.7%.
- Asana (NYSE: ASAN) and Box (NYSE: BOX) posted smaller declines of less than 1%.
- Google (NASDAQ: GOOG, GOOGL) tumbled 2% after unveiling its $32 billion acquisition of cloud security firm Wiz, marking one of the largest cybersecurity deals ever.
- IBM (NYSE: IBM) slid 2.3% despite announcing a new partnership with Nvidia (NASDAQ: NVDA).
📈 Few Gainers: Workday and DocuSign Buck the Trend
Amid the sector-wide slump, a few outliers posted gains:
- Workday (NASDAQ: WDAY) climbed 0.5%, defying the market’s downward trend.
- DocuSign (NASDAQ: DOCU) saw a 2% increase, making it one of the best-performing software stocks of the day.
📉 Market Reaction to Fed’s Rate Decision and Inflation Data
The tech-heavy decline came as markets prepared for the Federal Reserve’s rate decision, with most analysts expecting the central bank to hold rates steady.
Additionally, the U.S. Bureau of Labor Statistics released data showing that U.S. import and export prices rose more than expected in February, adding to inflation concerns and further weighing on tech stocks.
✅ Key Takeaway: With Palantir leading the losses, investors are on edge ahead of the Fed’s decision, while inflationary pressures and major acquisitions like Google’s Wiz deal add to market uncertainty.
