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Why Asana Stock Is Plummeting Today

TheMotleyFool

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The market is seeing red in Tuesday's trading, and Asana (NYSE: ASAN) stock is suffering a substantial pullback. The workplace software company's share price was down roughly 9.7% over the previous 24-hour period as of 2:15 p.m. ET.

High levels of inflation, rising Treasury bond yields, weak economic data, and anticipation for upcoming interest rate hikes are combining to make investors more risk averse. There doesn't seem to be any business-specific news driving the sell-off on Asana stock, but growth-dependent software companies are getting hit particularly hard in today's pullback.

Image source: Getty Images.

Source Fool.com

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