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Why Snowflake, Datadog, and DocuSign Plunged Today

TheMotleyFool

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Why Snowflake, Datadog, and DocuSign Plunged Today: https://g.foolcdn.com/editorial/images/699115/gettyimages-1225084397.jpg

Shares of Snowflake (NYSE: SNOW), Datadog (NASDAQ: DDOG), and DocuSign (NASDAQ: DOCU) plunged on Thursday, down 4.8%, 7.5%, and 5.2%, respectively, as of 2:53 p.m. EDT.

There wasn't any company-specific news for these three stocks today, but a toxic combination of slowing growth from two enterprise software peers who reported last night, along with rising long-term interest rates, hit these highly valued stocks hard.

Last night, a couple of fellow enterprise cloud software companies reported earnings, including MongoDB (NASDAQ: MDB) and Okta (NASDAQ: OKTA). Both of those stocks are down severely today, shedding 25% and 35%, respectively.

Source Fool.com

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