Why Snowflake, MongoDB, and Datadog Crashed Today
Shares of cloud software disruptors Snowflake (NYSE: SNOW), MongoDB (NASDAQ: MDB), and Datadog (NASDAQ: DDOG) fell hard today, down 7.7%, 6.6%, and 6.2%, respectively, as of 3:02 p.m. ET.
None of these companies had any material news today; however, the combination of a higher-than-expected inflation report and weak earnings out of software peer DocuSign (NASDAQ: DOCU) was enough to send these growth leaders tumbling.
The Bureau of Labor Statistics released May inflation data this morning, which came in hotter than expected. Headline inflation was 8.6%, versus 8.3% expected, and even "core" inflation, which strips out volatile food and energy prices, came in at 6%, versus 5.9% expected.
Source Fool.com
