Why Appian, Snowflake, and Shopify All Stumbled Today
Shares of cloud software companies, including Appian (NASDAQ: APPN), Snowflake (NYSE: SNOW), and Shopify (NYSE: SHOP), were all moving lower today as downbeat economic data raised fears of a recession and sparked a sell-off in high-growth, tech stocks like these three. This seems to reflect the banking crisis, planned layoffs, and a decline in business activity that's consistent with the arrival of a recession.