This tracks how Cloud & Enterprise Software is performing against the S&P 500: the relative-strength read traders use to find themes gaining momentum and the strongest stocks within them. Look for three things: whether it is gaining or losing ground on the index, whether the move is broad or led by a few large names, and which stocks lead on relative strength.
Current read · as at 3 July 2026
Cloud & Enterprise Software is outperforming the S&P 500 and still gaining ground (the leading zone of the rotation chart). It is down 12.6% over the past month and 15.3% year to date. 10 of 18 stocks are above their 50-day average. On 3-month relative strength, DDOG.US, SNOW.US and TWLO.US lead the theme, and GTLB.US has climbed the most in rank.
Relative strength is measured against S&P 500, centred at 100. Above 100 means it outpaced the benchmark.
Performance charts
Rebased to 100 vs S&P 500
End of day
Cloud & Enterprise Software vs S&P 500
Rising = outperforming
100 = matches benchmark. Above = outpacing it; below = lagging.
What's underneath the leaders
End of day
Latest-day drivers
- FIG.US+9.49%+0.53%
- ADBE.US+4.14%+0.23%
- WDAY.US+3.94%+0.22%
Top 3 account for 44% of the total move.
Contribution is each holding's weight times its one-day move.
Emerging leaders (3-month rank)
- 1DDOG.US+3
- 2SNOW.US+6
- 3TWLO.US0
- 4GTLB.US+12
- 5MDB.US+10
Rank 1 = strongest 3-month move. Delta is the rank change; positive means improving.
Breadth and Effective N measure how widely the basket is moving right now — a participation gauge, not a forecast.
Constituents
Weights and contribution to the basket move
ADBE.US | Adobe Systems Incorporated | $219.72 | +4.14% | 5.6% | +0.23% |
CRM.US | Salesforce.com Inc | $166.11 | +1.76% | 5.6% | +0.10% |
DDOG.US | Datadog Inc | $260.36 | -1.56% | 5.6% | -0.09% |
DOCU.US | DocuSign Inc | $45.77 | -0.54% | 5.6% | -0.03% |
ESTC.US | ESTC | $58.04 | -0.70% | 5.6% | -0.04% |
FIG.US | Figma, Inc. | $21.34 | +9.49% | 5.6% | +0.53% |
GTLB.US | Gitlab Inc | $32.07 | +1.71% | 5.6% | +0.10% |
HUBS.US | HubSpot Inc | $192.12 | +2.34% | 5.6% | +0.13% |
INTU.US | Intuit Inc | $275.35 | +3.10% | 5.6% | +0.17% |
MDB.US | MongoDB | $354.88 | -1.25% | 5.6% | -0.07% |
NET.US | Cloudflare Inc | $242.41 | -1.58% | 5.6% | -0.09% |
NOW.US | ServiceNow Inc | $106.32 | +0.49% | 5.6% | +0.03% |
PLTR.US | Palantir Technologies Inc. | $129.30 | +2.84% | 5.6% | +0.16% |
SNOW.US | Snowflake Inc. | $260.15 | -0.40% | 5.6% | -0.02% |
TEAM.US | Atlassian Corp Plc | $83.84 | +0.81% | 5.6% | +0.04% |
TWLO.US | Twilio Inc | $209.31 | +0.01% | 5.6% | +0.00% |
WDAY.US | Workday Inc | $135.40 | +3.94% | 5.6% | +0.22% |
ZM.US | Zoom Video Communications Inc | $87.145 | -3.31% | 5.6% | -0.18% |
ADBE.US
Adobe Systems Incorporated
- Last
- $219.72
- 1D
- +4.14%
- Weight
- 5.6%
- Contribution
- +0.23%
CRM.US
Salesforce.com Inc
- Last
- $166.11
- 1D
- +1.76%
- Weight
- 5.6%
- Contribution
- +0.10%
DDOG.US
Datadog Inc
- Last
- $260.36
- 1D
- -1.56%
- Weight
- 5.6%
- Contribution
- -0.09%
DOCU.US
DocuSign Inc
- Last
- $45.77
- 1D
- -0.54%
- Weight
- 5.6%
- Contribution
- -0.03%
ESTC.US
ESTC
- Last
- $58.04
- 1D
- -0.70%
- Weight
- 5.6%
- Contribution
- -0.04%
FIG.US
Figma, Inc.
- Last
- $21.34
- 1D
- +9.49%
- Weight
- 5.6%
- Contribution
- +0.53%
GTLB.US
Gitlab Inc
- Last
- $32.07
- 1D
- +1.71%
- Weight
- 5.6%
- Contribution
- +0.10%
HUBS.US
HubSpot Inc
- Last
- $192.12
- 1D
- +2.34%
- Weight
- 5.6%
- Contribution
- +0.13%
INTU.US
Intuit Inc
- Last
- $275.35
- 1D
- +3.10%
- Weight
- 5.6%
- Contribution
- +0.17%
MDB.US
MongoDB
- Last
- $354.88
- 1D
- -1.25%
- Weight
- 5.6%
- Contribution
- -0.07%
NET.US
Cloudflare Inc
- Last
- $242.41
- 1D
- -1.58%
- Weight
- 5.6%
- Contribution
- -0.09%
NOW.US
ServiceNow Inc
- Last
- $106.32
- 1D
- +0.49%
- Weight
- 5.6%
- Contribution
- +0.03%
PLTR.US
Palantir Technologies Inc.
- Last
- $129.30
- 1D
- +2.84%
- Weight
- 5.6%
- Contribution
- +0.16%
SNOW.US
Snowflake Inc.
- Last
- $260.15
- 1D
- -0.40%
- Weight
- 5.6%
- Contribution
- -0.02%
TEAM.US
Atlassian Corp Plc
- Last
- $83.84
- 1D
- +0.81%
- Weight
- 5.6%
- Contribution
- +0.04%
TWLO.US
Twilio Inc
- Last
- $209.31
- 1D
- +0.01%
- Weight
- 5.6%
- Contribution
- +0.00%
WDAY.US
Workday Inc
- Last
- $135.40
- 1D
- +3.94%
- Weight
- 5.6%
- Contribution
- +0.22%
ZM.US
Zoom Video Communications Inc
- Last
- $87.145
- 1D
- -3.31%
- Weight
- 5.6%
- Contribution
- -0.18%
Last price shown at full precision. Contribution is each holding's weight times its one-day move. A dash marks data pending after the latest end-of-day refresh.
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Back to all US sectorsMethodology
Equal weighted. Equal-weighted basket seeded from US-listed cloud and enterprise software companies, screened nightly from end-of-day data. Active US common stocks only, with a market cap of at least USD 500 million and a 90-day average daily value traded of at least USD 2 million, top 20 by market cap.