What happened Shares of cloud-based software leaders Snowflake (NYSE: SNOW), Datadog (NASDAQ: DDOG), and HubSpot (NYSE: HUBS) were falling back to earth today, down 7%, 7.2%, and 7.2%, respectively, as of 2:38 p.m. Just as high-growth tech stocks surged yesterday on hopes for declining inflation without large job losses, today saw two data points that might have thrown cold water on each of those predictions. But don't tell that to the rest of the non-tech economy; today's January jobs report blew past expectations, suggesting the labor market remains very tight.