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Why Cloudflare Stock Plummeted Today

TheMotleyFool

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Shares of Cloudflare (NYSE: NET) sank 8.9% on Tuesday. Rather than any business-specific news, it was momentum for the broader market driving the pullback.

Growth-dependent stocks were hit hard in today's session due to surging cases of the coronavirus omicron variant, and concerns about the macroeconomic backdrop in 2022 are likely also factoring into the pullback. The tech-heavy Nasdaq Composite index ended the day's trading session down roughly 1.3%, and Cloudflare ranked among the day's biggest large-cap technology losers.

Image source: Getty Images.

Source Fool.com

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