Why Alphabet, Shopify, and Meta Platforms Stocks All Rallied on Tuesday
The broader market indexes were squarely in rally mode Tuesday as investors focused on stubborn macroeconomic conditions and what it means for the Federal Reserve and its ongoing campaign to tame persistent inflation. The latest U.S. government data showed that while inflation cooled somewhat in February, it remains high, at least from an historical perspective.
With that as a backdrop, shares of Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) jumped 3.1%, Shopify (NYSE: SHOP) rose 4.3%, and Meta Platforms (NASDAQ: META) was up 5.3% as of 11:25 a.m. ET.
Only one stock among our trio had company-specific news, which suggests investors were primarily focused on the economic data and what it suggests regarding the potential for upcoming interest rate hikes.
Source Fool.com
