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Cloud stocks are getting clobbered

Key Points
  • The companies posted sharper declines than the overall market. 
  • Cloud stocks are often among the hardest hit when markets fall, as investors give back some of the sector's impressive gains. 
Traders work ahead of the closing bell on the floor of the New York Stock Exchange (NYSE) in New York City.
Drew Angerer | Getty Images

Cloud stocks got clobbered Wednesday, posting sharper declines than the overall market.

Here's where some major cloud firms stood as of Wednesday's market close:

  • Nutanix, down 7.9 percent to trade at $36.97
  • Zuora, down 1.4 percent to trade at $19.20
  • Atlassian, down 4.1 percent to trade at $106.99
  • Twilio, down 4.1 percent to trade at $126.48
  • Okta, down 3.3 percent to trade at $80.76
  • Salesforce, down 2.7 percent to trade at $155.12
  • Dropbox, down 2.5 percent trade at $21.42
  • Box, down 1.9 percent to trade at $18.84
  • Veeva, down 1.7 percent to trade at $123.44
  • Workday, down 1.5 percent to trade at $189.68

For comparison, the S&P 500 and Nasdaq Composite declined just 0.5 percent and 0.6 percent, respectively.

Cloud stocks are often among the hardest hit when markets fall, as investors give back some of the sector's impressive gains.

Even after Wednesday's losses, Twilio is up more than 226 percent in the last 12 months, Atlassian and Okta are each up about 100 percent during the same period, and Veeva is up almost 70 percent.

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