Shares of high-growth software-as-a-service stocks Snowflake (NYSE: SNOW), Palantir Technologies (NYSE: PLTR), and MongoDB (NASDAQ: MDB) rallied today, up 4.2%, 4.6%, and 6.9%, respectively, as of 2:54 p.m. ET.

There wasn't any material individual stock news today on these three names, although yesterday Snowflake experienced a sell-off following its somewhat disappointing fourth-quarter earnings report and guidance.

Yet today's sector-wide moves suggest something macroeconomic was the culprit. That has been the case for much of the month of February and really since the inflation spike started over one year ago. Fortunately, interest rates backed off recent highs and trended lower today, reversing the recent months-long spike after January inflation pressures surprised to the upside. In addition, large retailer Costco Wholesale said it was seeing some inflation pressures ease during its earnings call last night.

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Source Fool.com