Shares of high-growth software stocks Datadog (NASDAQ: DDOG), CrowdStrike (NASDAQ: CRWD), and Atlassian (NASDAQ: TEAM) were rallying on Friday, rising 6.7%, 4%, and 5.3%, respectively, as of 2 p.m. ET.

The synchronous moves across these three software plays suggest a broader theme, which likely came from today's personal consumption expenditures price index, or PCE -- a measure of inflation closely watched by the Federal Reserve. The Fed tends to prefer the PCE because the PCE changes its weightings more frequently than the CPI, and tends to reflect customer buying behavior, such as "trading down" in times of inflation to understand what consumers are actually paying for goods and services.

Fortunately, that figure for February came in cooler than expected, and lower inflation measures tend to be great news for growth tech stocks.

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Source Fool.com