Shares of a broad swath of high-growth stocks stumbled this week as the market focused on a wide range of economic issues that had the major U.S. stock indexes decidedly lower.
Identify verification and access management specialist Okta (NASDAQ: OKTA) cratered by as much as 37.8%, cloud-native database provider MongoDB (NASDAQ: MDB) crashed as much as 32.6%, while cybersecurity specialist CrowdStrike 's (NASDAQ: CRWD) stock slumped as much as 13.1%, according to data provided by S&P Global Market Intelligence . As of the close of the trading day on Thursday, the trio was still trading lower, down 35.2%, 31.8%, and 11.1%, respectively. The broader market indexes were also lower this week, with the S&P 500 down 2.2% since last Friday's close (as of this writing), while the Nasdaq Composite declined 2.9%.
Fears regarding the overall condition of the economy and the potential for further interest rate hikes weighed on major indexes this week, but it was data points from each company's financial results that were the primary drivers for the declines.
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Why Okta, MongoDB, and CrowdStrike Stocks Slumped This Week