Shares of enterprise software star Snowflake (NYSE: SNOW) fell today, down 4.1% as of the end of trading -- much more than the broader markets.
There wasn't much in the way of new news for Snowflake today, but the severe risk-averse mood that has permeated the market since this month's inflation reading appears to be continuing this week.
Snowflake is perhaps one of the best-performing businesses in the enterprise software space. However, its stock is also among the most expensive. Therefore, when interest rates rise at a fast clip like they are now, Snowflake is highly susceptible to a rerating. That's what's happening today.
Source Fool.com