Thursday was a rough day for cloud stocks as two high-profile names in the sector plunged after their second-quarter updates last night.

Okta (NASDAQ: OKTA) and MongoDB (NASDAQ: MDB) were down more than 20% today after they delivered solid quarterly numbers last night, but dialed down future expectations over concerns about the macroeconomic climate. That, and the ongoing focus on rising interest rates, hit the Nasdaq hard, bringing down the tech-heavy index 1.8% as of 1:58 p.m. ET today.

The bad news from Okta and MongoDB weighed on smaller software-as-a-service (SaaS) stocks in particula,r with Appian (NASDAQ: APPN), PagerDuty (NYSE: PD), and Marqeta (NASDAQ: MQ) falling today by 8.2%, 10.1%, and 7.6%, respectively, on the news.

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Source Fool.com