The stock market has been extremely volatile lately, and investors had to deal with another day of sharp declines on Wall Street on Wednesday. Market sentiment has varied greatly depending on views about what the Federal Reserve is likely to do with interest rates throughout 2022, and increasingly hawkish statements from Fed decision makers suggest they will tighten monetary policy unexpectedly fast. The S&P 500 (SNPINDEX: ^GSPC) has dropped 58 points to 4,467, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) has fallen 344 points to 13,861. Read More...
Motley Fool
Why Snowflake, HubSpot, and Datadog Plunged Today
Shares of top technology growth stocks Snowflake (NYSE: SNOW), HubSpot (NYSE: HUBS), and Datadog (NASDAQ: DDOG) plunged today, with shares down 5.4%, 6.2%, and 7%, respectively, as of 1:15 p.m. ET. While high-growth software stocks actually may have benefited from recessionary fears over an inverted yield curve last week, it was long-term rates that spiked on Tuesday, which actually reversed the inversion. Higher long-term interest rates are a headwind to high-growth stocks, leading to the big moves we saw today.
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