AMPL - Cloud computing ETFs fall in the wake of DocuSign's 20% plunge

Cloud computing and software exchange traded funds trended lower early in Friday’s session after DocuSign’s (NASDAQ:DOCU) earnings-inspired 20% plunge sent tremors across the entire industry. The DOCU news became a clear-cut negative catalyst for the overall sector, putting pressure on related ETFs and other SaaS stocks. This included names like monday.com (MNDY), which is -14%, Domo Inc. (DOMO) -9.9%, Amplitude, Inc. (AMPL) -8.6%, and Confluent (CFLT) -9.6%, as well as a handful of other names. Looking at industry ETFs, the slide had the heaviest impact on WisdomTree Cloud Computing Fund (NASDAQ:WCLD), which fell by 6.4%. Meanwhile, the iShares Expanded Tech-Software Sector ETF (BATS:IGV) retreated 4.6% and the Global X Cloud Computing ETF (NASDAQ:CLOU) declined 4.7%. WCLD has a small weighting towards DOCU at 1.38%, notching the stock as its 30th largest position out of 76 stocks. However, the DOCU slide has carried over to other cloud-based software providers, which are also suffering in the general risk-off atmosphere

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Cloud computing ETFs fall in the wake of DocuSign’s 20% plunge