Why Shares of Salesforce Are Down Nearly 2.5% Today

·2 min read
Why Shares of Salesforce Are Down Nearly 2.5% Today

Shares of cloud-based software pioneer Salesforce.com (NYSE: CRM) are down 2.4% as of 12:15 p.m. EDT, according to data provided by S&P Global Market Intelligence. The market in general is down today, and tech stocks in particular are getting hit as interest rates tick up again on concerns about inflation (higher interest rates decrease the value of long-term earnings, thus hurting stocks). A lot of other news items are weighing on investors this week as well, like the debt-laden real estate developer China Evergrande Group and Congress' debate on the debt ceiling that risks a U.S. government default on payments if an agreement isn't reached on time.

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