Why CrowdStrike, Zscaler, and Fortinet Stocks Dropped Today
Another hike to the benchmark federal funds interest rate is coming -- and growth investors are nervous.
According to experts polled by CNBC, chances are good that when Federal Reserve officials announce their decision on interest rates Wednesday, the hike will be a relatively benign 25 basis points (0.25 percentage points). That would be down from the 0.5 percentage point hike it delivered in December, and the 0.75 percentage point it instituted in November. However, it would still push the target interest rate to 4.75%. Investors in growth stocks -- and cybersecurity stocks CrowdStrike Holdings (NASDAQ: CRWD), Fortinet (NASDAQ: FTNT), and Zscaler (NASDAQ: ZS) in particular -- aren't 100% certain they like the sound of that.
As of 11 a.m. ET Monday, CrowdStrike shares were down 2.7%, Fortinet was off by 2.8%, and Zscaler was leading the whole sector lower with a 3.1% decline.
Source Fool.com
