Salesforce.com (CRM) shares plunged 5.98% in Friday's trading session, as global markets reeled from the impact of escalating trade tensions and economic growth concerns. The sharp decline in Salesforce's stock price came amid a broader market selloff that has hit technology and globally-oriented companies particularly hard.
The market turmoil, dubbed the "Liberation Day massacre" by some analysts, has seen major indices suffer significant losses. The S&P 500 and Nasdaq Composite, which is heavy on tech stocks, have experienced substantial declines. As a company with significant international exposure, Salesforce may face challenges if global trade tensions continue to escalate.
Despite the current market turbulence, some analysts remain cautiously optimistic about select software companies. Kirk Materne of Evercore ISI named Salesforce among a handful of companies that might be "a bit safer" on a relative basis, noting that companies trading near their 2022 trough multiples could be more resilient. However, the broader economic concerns and the potential impact of tariffs on global businesses continue to weigh heavily on investor sentiment.
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