Atlassian has fallen nearly seven points, SAP and Unity have also dropped about five points each; the enterprise software batch was hit hard today. Cloudflare was relatively resilient, falling only two to three points. 😪

When the strong dollar and interest rate expectations rise, the valuations of long-duration SaaS companies come under pressure first. The bulk of their cash flows are in the distant future, so any movement in the discount rate makes their market capitalization more sensitive than others', and those that rose more earlier see sharper pullbacks.