Motley Fool
Why Cloud Stocks Were Down Today
Cloud software stocks, including Okta (NASDAQ: OKTA), Zoom Video Communications (NASDAQ: ZM), and Appian (NASDAQ: APPN), were falling today after August’s inflation reading came in hotter than expected. The inflation report makes it more likely that the Federal Reserve will raise interest rates by 75 basis points at its meeting next week, which in turn increases the chances of a recession, as the Fed’s goal is to bring inflation under control, even if that means cooling off the economy.