Stock Market Update
28-Sep-26 10:30 ET
MongoDB sharply lower on CEO transition
Dow -219.68
at 51608.85,
Nasdaq -207.79
at 26881.97,
S&P -41.55
at 7701.96
[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.7%), and DJIA (-0.4%) remain firmly lower this morning.
MongoDB (MDB 329.70, -80.74, -19.67%) is plummeting after President and CEO Chirantan "CJ" Desai stepped down effective immediately to take a senior role at Meta Platforms (META 722.51, -29.15, -3.88%), forcing a second CEO transition in less than a year just ahead of the company's Sept. 29 Investor Day. Former CEO Dev Ittycheria was appointed interim president and CEO while the board conducts an external search. MDB also reaffirmed Q3 non-GAAP EPS of $1.57-$1.61 and revenue of $756-$761 million, along with FY27 non-GAAP EPS of $6.39-$6.58 and revenue of $2.99-$3.03 billion, limiting concern about an immediate operating disruption but providing no estimate increase to offset the abrupt departure.
Elsewhere in the software space, Microsoft (MSFT 507.82, -8.34, -1.62%) also trades firmly lower alongside most mega-cap tech stocks.
