Shares of enterprise software giants Snowflake (NYSE: SNOW), Datadog (NASDAQ: DDOG), and MongoDB (NASDAQ: MDB) were plunging on Monday, down by 8.7%, 6.4%, and 9.4%, respectively, as of 3:06 p.m. ET. There wasn't much company-specific news today, although Snowflake reported earnings last week, and MongoDB will report tomorrow. Friday's strong jobs and wages report, combined with today's stronger-than-expected services Purchasing Managers' Index (PMI) reading, showed the economy may be stronger than generally thought -- surprising, especially since recent financial results and guidance in the software industry have been less than stellar.
All eyes have been on the economy this year, with investors and consumers alike looking for any indication that things are on the mend. With that as a backdrop for the day's trading session, e-commerce platform Shopify (NYSE: SHOP) climbed 5.5%, cybersecurity specialist Palo Alto Networks (NASDAQ: PANW) jumped 3.8%, and cloud-centric database provider MongoDB (NASDAQ: MDB) rallied 3% as of 12:22 p.m. ET. To be clear, there was little in the way of company-specific news about these businesses.
A number of high-quality growth stocks are suddenly available for discount prices. Consider adding these industry leaders to your portfolio to unlock gains. MongoDB (NASDAQ: MDB) operates a popular database platform.