Palantir Technologies NASDAQ:PLTR led a slide in enterprise software stocks Wednesday as the broader market weakened after the U.S.-Iran truce broke down.
Palantir fell 4%, reversing part of its late-June momentum tied to a Nvidia NASDAQ:NVDA deal to run AI and Nemotron models in sovereign environments for U.S. government and critical infrastructure customers. Salesforce NYSE:CRM dropped 2% even after its Missionforce unit won a U.S. Air Force contract tied to modernizing a $13.5 billion vehicle fleet.
The selling spread across the group. Workday NASDAQ:WDAY fell 4%, SAP NYSE:SAP lost 3.4%, Oracle NYSE:ORCL slipped 2% and ServiceNow NYSE:NOW dropped 3.6%. Cybersecurity names also weakened, with Palo Alto Networks NASDAQ:PANW down 4.7%, while CrowdStrike NASDAQ:CRWD and Tenable NASDAQ:TENB each fell 3%.