Shares of Commerce, Qualys, and RingCentral jumped in afternoon trading after the United States and Iran agreed to halt military exchanges, easing fears of a wider Middle East conflict. Commerce rose 3.9%, Qualys gained 4.2%, and RingCentral climbed 5.1%. The de-escalation relieved macro pressure on long-duration growth software stocks by lowering oil prices and reducing the odds of a Fed rate hike. The rally also built on a chip-to-software rotation sparked by a report that OpenAI may delay its IPO, softening fears that AI labs would quickly cannibalize incumbent SaaS companies.
Adobe Systems Incorporated
Commerce.com, Inc.
Salesforce.com Inc
Microsoft Corporation
Ringcentral Inc
Qualys Inc