Why Snowflake, Salesforce, and MongoDB Stocks All Popped Today
Thursday was a bit of a disappointment for investors as a stock market that spent the morning in the green ended the session in the red, with the S&P 500 down 0.8%.
It wasn't bad news for everyone, however. As of the close of trading for the day, cloud data services provider Snowflake (NYSE: SNOW) had managed to hang onto a modest 1.8% gain, while customer relationship management software giant Salesforce (NYSE: CRM) and database company MongoDB (NASDAQ: MDB) remained up by 2.5% and 3.4%, respectively.
A couple of big macroeconomic stories explain why the market at first moved higher Thursday. In the United Kingdom, the resignation of Prime Minister Liz Truss after less than two months in office may have given investors hope that the economic troubles her policies stirred up will start to settle down. Meanwhile, in the U.S., CNBC reported that the Federal Reserve's ratcheting up of interest rates is "beginning to slow the economy." That sounds bad, but it could mean the Fed's policy is working and that inflation might moderate -- which could be good news for tech stocks.
Source Fool.com
