These 2 Cloud Stocks Could Be Headed Into the Stratosphere
After the worst week of 2023 on Wall Street, investors are in the mood to claw back some of their recent losses. Stock index futures were mixed early Monday morning, but the Nasdaq Composite (NASDAQINDEX: ^IXIC) looked as though it might put in the best performance. Nasdaq futures were up almost half a percent as of 8 a.m. ET.
Cloud computing has been a high-growth area for several years, but shareholders have had to come to grips with the possibility of slowing expansion as economists worry about a possible recession. Nevertheless, for Monday.com (NASDAQ: MNDY) and Fastly (NYSE: FSLY), the mood among investors was optimistic after both tech companies enjoyed good news. As a result, both cloud stocks moved sharply higher, and many are hopeful that the gains will be just the beginning of a longer-term trend.
Shares of Monday.com jumped 11% in premarket trading Monday morning. The aptly named provider of workplace management software reported fourth-quarter financial results that showed its growth story is still intact.
Source Fool.com
