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Why Snowflake, Datadog, and MongoDB Plunged Today

Why Snowflake, Datadog, and MongoDB Plunged Today

Shares of high-powered software stocks Snowflake (NYSE: SNOW), Datadog (NASDAQ: DDOG), and MongoDB (NASDAQ: MDB) all plunged today, down 7.4%, 6.3%, and 5.4%, respectively, as of 3:45 p.m. ET. The pain across the technology sector came on the heels of this morning's stronger-than-expected jobs report, which brought back fears of steeper interest rate hikes from the Federal Reserve. Technology stocks, especially high-growth, unprofitable tech stocks with the bulk of their earnings power far in the future, are quite sensitive to long-term interest rates.