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Cloud stocks are getting clobbered

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Cloud stocks are often among the hardest hit when markets fall, as investors give back some of the sector's impressive gains.

div > div.group > p:first-child"> Here's where some major cloud firms stood as of 12:30 pm in New York:

For comparison, the S&P 500 and Nasdaq Composite declined just 0.8 percent and 1.1 percent, respectively. Even after Wednesday's losses, Twilio is up more than 220 percent in the last 12 months, Atlassian and Okta are each up about 100 percent during the same period, and Veeva is up almost 70 percent.Subscribe to CNBC on YouTube.

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