Why MongoDB, Datadog, and Appian Surged Today

Shares of MongoDB (NASDAQ: MDB), Datadog (NASDAQ: DDOG), and Appian (NASDAQ: APPN) surged on Tuesday, rising 8.3%, 6.5%, and 4.8%, respectively, as of 2:50 p.m. ET.

There wasn't any material news out of these companies today; however, most high-growth software stocks surged today after the market fell to yearly lows last week. High-growth names were among the first to fall hard in this marketwide sell-off, so could they be the first to bottom?

In the wake of the Federal Reserve hiking interest rates by 75 basis points last week, the largest increase since 1994, investor attention is now turning away from inflation risks and now more toward recession risk. Ironically, that may actually benefit high-growth enterprise software stocks, on the condition that they continue to grow through a downturn.

Source Fool.com