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 15 Oct 2026
Cloud & Enterprise Software is outperforming the S&P 500 but losing momentum (the weakening zone of the rotation chart). It is up 2.1% over the past month and 15.3% year to date. 11 of 18 stocks are above their 50-day average. On 3-month relative strength, TEAM.US, GTLB.US and PLTR.US lead the theme.
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
- NET.US-6.72%-0.37%
- SNOW.US-6.34%-0.35%
- DDOG.US-4.94%-0.27%
Top 3 account for 32% of the total move.
Contribution is each holding's weight times its one-day move.
Emerging leaders (3-month rank)
- 1TEAM.US+4
- 2GTLB.US+2
- 3PLTR.US+12
- 4ESTC.US+4
- 5DOCU.US+7
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 | $240.68 | +1.86% | 5.6% | +0.10% |
CRM.US | Salesforce.com Inc | $235.95 | -0.87% | 5.6% | -0.05% |
DDOG.US | Datadog Inc | $269.33 | -4.94% | 5.6% | -0.27% |
DOCU.US | DocuSign Inc | $75.23 | +4.04% | 5.6% | +0.22% |
ESTC.US | ESTC | $92.06 | -2.40% | 5.6% | -0.13% |
FIG.US | Figma, Inc. | $21.48 | -1.29% | 5.6% | -0.07% |
GTLB.US | Gitlab Inc | $53.16 | +2.33% | 5.6% | +0.13% |
HUBS.US | HubSpot Inc | $226.23 | +2.24% | 5.6% | +0.12% |
INTU.US | Intuit Inc | $310.44 | +2.98% | 5.6% | +0.17% |
MDB.US | MongoDB | $356.29 | -4.50% | 5.6% | -0.25% |
NET.US | Cloudflare Inc | $324.33 | -6.72% | 5.6% | -0.37% |
NOW.US | ServiceNow Inc | $139.98 | +0.99% | 5.6% | +0.05% |
PLTR.US | Palantir Technologies Inc. | $200.97 | -3.69% | 5.6% | -0.21% |
SNOW.US | Snowflake Inc. | $335.08 | -6.34% | 5.6% | -0.35% |
TEAM.US | Atlassian Corp Plc | $204.66 | -1.62% | 5.6% | -0.09% |
TWLO.US | Twilio Inc | $271.12 | -3.72% | 5.6% | -0.21% |
WDAY.US | Workday Inc | $188.77 | +1.48% | 5.6% | +0.08% |
ZM.US | Zoom Video Communications Inc | $94.47 | -3.76% | 5.6% | -0.21% |
ADBE.US
Adobe Systems Incorporated
- Last
- $240.68
- 1D
- +1.86%
- Weight
- 5.6%
- Contribution
- +0.10%
CRM.US
Salesforce.com Inc
- Last
- $235.95
- 1D
- -0.87%
- Weight
- 5.6%
- Contribution
- -0.05%
DDOG.US
Datadog Inc
- Last
- $269.33
- 1D
- -4.94%
- Weight
- 5.6%
- Contribution
- -0.27%
DOCU.US
DocuSign Inc
- Last
- $75.23
- 1D
- +4.04%
- Weight
- 5.6%
- Contribution
- +0.22%
ESTC.US
ESTC
- Last
- $92.06
- 1D
- -2.40%
- Weight
- 5.6%
- Contribution
- -0.13%
FIG.US
Figma, Inc.
- Last
- $21.48
- 1D
- -1.29%
- Weight
- 5.6%
- Contribution
- -0.07%
GTLB.US
Gitlab Inc
- Last
- $53.16
- 1D
- +2.33%
- Weight
- 5.6%
- Contribution
- +0.13%
HUBS.US
HubSpot Inc
- Last
- $226.23
- 1D
- +2.24%
- Weight
- 5.6%
- Contribution
- +0.12%
INTU.US
Intuit Inc
- Last
- $310.44
- 1D
- +2.98%
- Weight
- 5.6%
- Contribution
- +0.17%
MDB.US
MongoDB
- Last
- $356.29
- 1D
- -4.50%
- Weight
- 5.6%
- Contribution
- -0.25%
NET.US
Cloudflare Inc
- Last
- $324.33
- 1D
- -6.72%
- Weight
- 5.6%
- Contribution
- -0.37%
NOW.US
ServiceNow Inc
- Last
- $139.98
- 1D
- +0.99%
- Weight
- 5.6%
- Contribution
- +0.05%
PLTR.US
Palantir Technologies Inc.
- Last
- $200.97
- 1D
- -3.69%
- Weight
- 5.6%
- Contribution
- -0.21%
SNOW.US
Snowflake Inc.
- Last
- $335.08
- 1D
- -6.34%
- Weight
- 5.6%
- Contribution
- -0.35%
TEAM.US
Atlassian Corp Plc
- Last
- $204.66
- 1D
- -1.62%
- Weight
- 5.6%
- Contribution
- -0.09%
TWLO.US
Twilio Inc
- Last
- $271.12
- 1D
- -3.72%
- Weight
- 5.6%
- Contribution
- -0.21%
WDAY.US
Workday Inc
- Last
- $188.77
- 1D
- +1.48%
- Weight
- 5.6%
- Contribution
- +0.08%
ZM.US
Zoom Video Communications Inc
- Last
- $94.47
- 1D
- -3.76%
- Weight
- 5.6%
- Contribution
- -0.21%
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.