Why Snowflake, HubSpot, and Datadog Plunged Today
Shares of top technology growth stocks Snowflake (NYSE: SNOW), HubSpot (NYSE: HUBS), and Datadog (NASDAQ: DDOG) plunged today, with shares down 5.4%, 6.2%, and 7%, respectively, as of 1:15 p.m. ET.
There wasn't any material news out of any of these companies today; therefore, the culprit was most likely macroeconomic. While high-growth software stocks actually may have benefited from recessionary fears over an inverted yield curve last week, it was long-term rates that spiked on Tuesday, which actually reversed the inversion.
Higher long-term interest rates are a headwind to high-growth stocks, leading to the big moves we saw today.
Source Fool.com
