Why Technology Stocks Crashed Today
The stock market is taking a big downturn on Thursday and technology and growth stocks are some of the hardest hit. Investors are worried about rising interest rates, a slowing economy, and the fallout from the Federal Reserve pulling back its asset-buying, which is known as quantitative easing.
Three of the hardest hit were Zoom Video Communications (NASDAQ: ZM), DocuSign (NASDAQ: DOCU), and Okta (NASDAQ: OKTA), which are all major enterprise software-as-a-service (SaaS) stocks, fell dramatically in today's trading. Zoom fell as much as 8.9%, Docusign was down 10.6%, and Okta dropped 8.8% at its low. These stocks closed the day down 7.5%, 8.6%, and 7.8% respectively. While it may be hard to stomach, this is starting to look like a buying opportunity for companies like this.
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Source Fool.com
