What happened Shares of enterprise software stocks Snowflake (NYSE: SNOW), Datadog (NASDAQ: DDOG), and CrowdStrike (NASDAQ: CRWD) were plunging today, down 13%, 7.6%, and 9.9%, respectively, as of 1:42 p.m. Datadog reported solid earnings yesterday morning, but despite that, it wasn't enough to offset broader concerns over the killer combination of higher interest rates and slower growth on the software sector. It has been a brutal year for these types of enterprise software stocks, and the picture probably won't change until inflation comes down so that the Federal Reserve can lower interest rates again.