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 12 Sept 2026
Cloud & Enterprise Software is outperforming the S&P 500 but losing momentum (the weakening zone of the rotation chart). It is up 2.7% over the past month and 8.7% year to date. 13 of 18 stocks are above their 50-day average, with broad participation across the theme. On 3-month relative strength, TEAM.US, GTLB.US and DOCU.US lead the theme, and CRM.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+4.79%+0.27%
- MDB.US-3.12%-0.17%
- INTU.US+2.81%+0.16%
Top 3 account for 49% of the total move.
Contribution is each holding's weight times its one-day move.
Emerging leaders (3-month rank)
- 1TEAM.US+6
- 2GTLB.US+2
- 3DOCU.US+8
- 4CRM.US+9
- 5SNOW.US-2
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 | $252.23 | +1.37% | 5.6% | +0.08% |
CRM.US | Salesforce.com Inc | $247.72 | +1.94% | 5.6% | +0.11% |
DDOG.US | Datadog Inc | $221.21 | -0.23% | 5.6% | -0.01% |
DOCU.US | DocuSign Inc | $65.65 | -0.23% | 5.6% | -0.01% |
ESTC.US | ESTC | $83.39 | -0.11% | 5.6% | -0.01% |
FIG.US | Figma, Inc. | $23.20 | +4.79% | 5.6% | +0.27% |
GTLB.US | Gitlab Inc | $46.99 | -0.66% | 5.6% | -0.04% |
HUBS.US | HubSpot Inc | $225.33 | +0.80% | 5.6% | +0.04% |
INTU.US | Intuit Inc | $321.57 | +2.81% | 5.6% | +0.16% |
MDB.US | MongoDB | $362.21 | -3.12% | 5.6% | -0.17% |
NET.US | Cloudflare Inc | $306.53 | -1.49% | 5.6% | -0.08% |
NOW.US | ServiceNow Inc | $132.53 | +1.04% | 5.6% | +0.06% |
PLTR.US | Palantir Technologies Inc. | $167.23 | +0.83% | 5.6% | +0.05% |
SNOW.US | Snowflake Inc. | $328.99 | -0.22% | 5.6% | -0.01% |
TEAM.US | Atlassian Corp Plc | $179.70 | +0.07% | 5.6% | +0.00% |
TWLO.US | Twilio Inc | $227.35 | -1.64% | 5.6% | -0.09% |
WDAY.US | Workday Inc | $185.70 | +0.33% | 5.6% | +0.02% |
ZM.US | Zoom Video Communications Inc | $95.57 | +0.12% | 5.6% | +0.01% |
ADBE.US
Adobe Systems Incorporated
- Last
- $252.23
- 1D
- +1.37%
- Weight
- 5.6%
- Contribution
- +0.08%
CRM.US
Salesforce.com Inc
- Last
- $247.72
- 1D
- +1.94%
- Weight
- 5.6%
- Contribution
- +0.11%
DDOG.US
Datadog Inc
- Last
- $221.21
- 1D
- -0.23%
- Weight
- 5.6%
- Contribution
- -0.01%
DOCU.US
DocuSign Inc
- Last
- $65.65
- 1D
- -0.23%
- Weight
- 5.6%
- Contribution
- -0.01%
ESTC.US
ESTC
- Last
- $83.39
- 1D
- -0.11%
- Weight
- 5.6%
- Contribution
- -0.01%
FIG.US
Figma, Inc.
- Last
- $23.20
- 1D
- +4.79%
- Weight
- 5.6%
- Contribution
- +0.27%
GTLB.US
Gitlab Inc
- Last
- $46.99
- 1D
- -0.66%
- Weight
- 5.6%
- Contribution
- -0.04%
HUBS.US
HubSpot Inc
- Last
- $225.33
- 1D
- +0.80%
- Weight
- 5.6%
- Contribution
- +0.04%
INTU.US
Intuit Inc
- Last
- $321.57
- 1D
- +2.81%
- Weight
- 5.6%
- Contribution
- +0.16%
MDB.US
MongoDB
- Last
- $362.21
- 1D
- -3.12%
- Weight
- 5.6%
- Contribution
- -0.17%
NET.US
Cloudflare Inc
- Last
- $306.53
- 1D
- -1.49%
- Weight
- 5.6%
- Contribution
- -0.08%
NOW.US
ServiceNow Inc
- Last
- $132.53
- 1D
- +1.04%
- Weight
- 5.6%
- Contribution
- +0.06%
PLTR.US
Palantir Technologies Inc.
- Last
- $167.23
- 1D
- +0.83%
- Weight
- 5.6%
- Contribution
- +0.05%
SNOW.US
Snowflake Inc.
- Last
- $328.99
- 1D
- -0.22%
- Weight
- 5.6%
- Contribution
- -0.01%
TEAM.US
Atlassian Corp Plc
- Last
- $179.70
- 1D
- +0.07%
- Weight
- 5.6%
- Contribution
- +0.00%
TWLO.US
Twilio Inc
- Last
- $227.35
- 1D
- -1.64%
- Weight
- 5.6%
- Contribution
- -0.09%
WDAY.US
Workday Inc
- Last
- $185.70
- 1D
- +0.33%
- Weight
- 5.6%
- Contribution
- +0.02%
ZM.US
Zoom Video Communications Inc
- Last
- $95.57
- 1D
- +0.12%
- Weight
- 5.6%
- Contribution
- +0.01%
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.