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Snowflake fell 4% in pre-market trading, while Datadog dropped 6%. Analysts suggest the sell-off in software stocks is due to profit-taking by traders.
Yahoo Finance reported that Snowflake fell 4% ahead of its earnings release, Datadog dropped 6% without specific news, and Cloudflare also declined 4%. This suggests traders are taking profits from crowded, high-beta software stocks rather than reacting to company-specific news. The iShares Expanded Tech-Software Sector ETF (IGV) fell 3%, while the Nasdaq 100 Index ETF (QQQ) rose 0.2%, further confirming that funds are rotating out of the software sector, not a broader tech sell-off. The article noted that Snowflake, Datadog, and Cloudflare have risen 46%, 65%, and 45% year-to-date, respectively, providing ample room for traders to take profits.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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