Why Snowflake, MongoDB, and Datadog Plunged Today
Shares of big data enterprise software companies Snowflake (NYSE: SNOW), MongoDB (NASDAQ: MDB) and Datadog (NASDAQ: DDOG) plunged today, each falling by the high single digits before recovering slightly to respective declines of 4.6%, 6.3%, and 8.2% as of 11:41 a.m. ET.
This doesn't have anything to do with these companies' operational performance. In fact, these three companies reported strong growth and outlooks during the recent earnings season and are generally considered best of breed in the up-and-coming software-as-a-service sector for big data applications.
However, this morning's Consumer Price Index (CPI) inflation report came in hotter than expected, which decimated virtually all technology stocks.
Source Fool.com
