Apple's Rising, but This SaaS Stock's Rally Is More Important for Growth Investors

Investors haven't gotten much relief from the recent downturn in the stock market, and as the end of January approaches, it now appears likely that stocks will post their worst month since the coronavirus bear market plunge nearly two years ago. As of 8:30 a.m. ET, futures on the Dow Jones Industrial Average (DJINDICES: ^DJI) were down 336 points to 33,707. S&P 500 (SNPINDEX: ^GSPC) futures dropped 41 points to 4,277, and Nasdaq Composite (NASDAQINDEX: ^IXIC) futures fell 117 points to 13,870.

Many on Wall Street have been looking for signs that the correction might come to an end, and pinning their hopes on Apple (NASDAQ: AAPL) seemed like a reasonable bet. Indeed, Apple's earnings results late Thursday showed solid performance that has the stock moving higher in premarket trading Friday morning. Yet growth investors also have to focus on some of the companies that moved so aggressively higher during the best of times to see when they might bounce. One prominent software-as-a-service (SaaS) stock got a nice move higher in premarket trading. Below, you'll learn more about it, but first, let's take a look at what Apple said in its quarterly report.

Shares of Apple rose nearly 2% as of 8:30 a.m. ET, pulling back from much larger gains in Thursday's after-hours session. The iPhone giant saw amazing results, but worries about what the future could bring are still weighing on the tech company's stock despite its success.

Source Fool.com