Why Shopify, Palo Alto Networks, and MongoDB Stocks All Rallied on Thursday
All eyes have been on the economy this year, with investors and consumers alike looking for any indication that things are on the mend. Based on some metrics, the U.S. has already dipped briefly into and come back out of a recession, though economists aren't all in agreement because not all the conditions of a formal recession have occurred. However, a report on a key economic indicator released on Thursday showed that inflation may be slowing, and investors breathed a sigh of relief.
With that as a backdrop for the day's trading session, e-commerce platform Shopify (NYSE: SHOP) climbed 5.5%, cybersecurity specialist Palo Alto Networks (NASDAQ: PANW) jumped 3.8%, and cloud-centric database provider MongoDB (NASDAQ: MDB) rallied 3% as of 12:22 p.m. ET.
To be clear, there was little in the way of company-specific news about these businesses. This suggests that investors were relieved that the economy might finally be on the mend, and hoping that the worst of the bear market is behind us.
Source Fool.com
