MNDY - Hot Stocks: DOCU falls on earnings drags down software stocks; SFIX sets low; COGT jumps on clinical data

Stocks plunged on Friday, as new consumer price data stoked fears that mounting inflation will force the Federal Reserve into even more aggressive interest rate hikes. With investors worried that a Fed-triggered recession is on the horizon, the Nasdaq dropped 3.5%, while the S&P 500 retreated almost 3%. In company news, DocuSign (NASDAQ:DOCU) represented one of the day's standout decliners. Shares lost about a quarter of their value following the release of the firm's latest earnings report. Meanwhile, the DOCU results drove investors out of other similar software providers. As a result, monday.com (MNDY), Snowflake (SNOW), Coupa Software (COUP) and Adobe (ADBE) all showed notable declines. Earnings news also put pressure on Stitch Fix (SFIX). Following the release of its results, the stock dropped to a new 52-week low. Looking to the upside, Cogent (COGT) soared almost 60% following the release of clinical trial data. Standout Loser DocuSign (DOCU) endured

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Hot Stocks: DOCU falls on earnings, drags down software stocks; SFIX sets low; COGT jumps on clinical data