Shares of enterprise software-as-as-service (SaaS) companies Snowflake (NYSE: SNOW), Datadog (NASDAQ: DDOG), and HubSpot (NYSE: HUBS) are falling hard on Thursday, down 5.5%, 5.2%, and 4.5%, respectively, as of 11:21 AM EDT.

In the SaaS world, these three stocks have displayed some of the strongest and most resilient growth over the past year. On the other hand, that means the market has awarded these companies with high valuations.

Ironically, this can mean that when jobs and employment data surprise to the upside, it may actually be a bad thing for these growth stocks, since better jobs data could point to higher interest rates for longer. That's what happened today, as the ADP National Employment report showed December jobs data that surprised again to the upside, and government figures for last week's unemployment claims also dropped.

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Source Fool.com