Why Fastly, Roku, and Shopify Stocks Popped Today
Tuesday is looking like a good day for investing in tech stocks, as shares of edge cloud provider Fastly (NYSE: FSLY) gains 2.5%, TV streamer Roku (NASDAQ: ROKU) picks up 4.4%, and online shopping tech company Shopify (NYSE: SHOP) leads the pack higher with a 5.5% gain. Stock-specific news explaining the rising share prices is in short supply today. There is, however, a big macroeconomic news item that's likely to affect the growth prospects for all sorts of tech companies in the months ahead.
This morning, the Federal Reserve's Federal Open Market Committee (FOMC) will decide whether to raise rates by 75 basis points (or more) or 50 basis points (or less). And tomorrow investors will hear the decision -- and maybe some comments on what the next Fed rate hike will look like.
Why are the Fed's targeted interest rates important to tech stocks?
Source Fool.com
