Shares of several software companies are trading lower as Treasury yields rise following a greater-than-expected increase in U.S. January inflation data.
Portfolio Pulse from Benzinga Newsdesk
Shares of software companies, including ADEA, ADSK, AI, ANSS, and others, are trading lower due to rising Treasury yields following higher-than-expected U.S. January inflation data.
February 13, 2024 | 8:30 pm
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NEGATIVE IMPACT
Autodesk's shares are trading lower due to rising Treasury yields influenced by unexpected U.S. inflation data.
As a software company, Autodesk's stock price is sensitive to economic indicators like inflation, which can influence interest rates and investment in technology sectors.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
Salesforce's stock is negatively impacted by the increase in Treasury yields, a reaction to the unexpected rise in U.S. inflation for January.
Salesforce, being part of the tech sector, is affected by macroeconomic factors such as inflation, which can deter investment and increase operational costs.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
Intuit shares decline in response to the rise in Treasury yields, triggered by higher-than-expected inflation data in the U.S. for January.
Intuit's performance is closely tied to economic conditions, with inflation data influencing investor sentiment and potentially increasing costs for tech companies.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50