Why Growth Stocks Datadog, MongoDB, and Okta Fell Today
Many growth stocks, particularly in the tech sector, didn't grow their share prices on Monday. For instance, three notable up-and-coming tech companies -- Datadog (NASDAQ: DDOG), MongoDB (NASDAQ: MDB), and Okta (NASDAQ: OKTA) -- all fell much harder on the day than the S&P 500 index. Their declines were related to developments in the bond market.
None of the three had significant price-moving news of their own to report, so it's apparent that their falls (with Datadog off 3.6%, Okta down 4.7%, and MongoDB 4.9% lower) had more to do with those developments.
Specifically, yields on Treasury bonds are rising, after the Federal Reserve intimated that it will bring its asset purchasing program to a halt before long. The yield of the 10-year Treasury on Monday promptly reached its highest level since June, at over 1.5%.
Source Fool.com
