Why CrowdStrike, MongoDB, and Datadog Are Surging Today

Shares of cybersecurity company CrowdStrike Holdings (NASDAQ: CRWD), database provider MongoDB (NASDAQ: MDB), and software observability company Datadog (NASDAQ: DDOG) were up more than the market today -- up 4.2%, 6.2%, and 9%, respectively, as of 12:15 p.m. ET.

There wasn't any material news out of these companies today, but many investors may be thinking these high-growth stocks have bottomed. Commodity prices and long-term bond yields are falling today, which is a telltale sign of an economic downturn. However, growth stocks began selling off before other cyclical stocks, and their recurring revenue and secular growth prospects may make them more attractive in a downturn. That means these types of growth stocks could bottom before the market -- although that's a big if.

Additionally, another best-in-class enterprise software stock caught a big upgrade today, perhaps boosting enthusiasm for the software-as-a-service sector.

Source Fool.com