Why Salesforce, Snowflake, and CrowdStrike All Cratered on Wednesday
A broad cross section of the stock market tumbled on Wednesday, as investors focused on the macro economy and the Federal Reserve Bank's ongoing campaign to battle runaway inflation, which has remained stubbornly near 40-year highs. The latest Fed rate hike and the corresponding commentary did little to calm jittery investors.
With that as a backdrop, shares of Salesforce (NYSE: CRM) slipped 6.1%, Snowflake (NYSE: SNOW) stock was down 7.4%, and CrowdStrike (NASDAQ: CRWD) slipped as much as 7.8%. These stocks followed the broader market lower, as the S&P 500 and the Nasdaq Composite declined 2.5% and 3.4%, respectively.
There wasn't much in the way of company-specific news driving the sell-off (more on that later), but fears that the Fed's continued rate hikes might push the economy into a recession was the biggest catalyst that helped push the market lower.
Source Fool.com
