With the first half of the year behind us, 2022 continues to challenge investors and consumers alike. Rampant inflation, the "are we or aren't we" of a recession, and the ongoing bear market have created a perfect storm of macroeconomic issues. Everyone is parsing the tea leaves and economic indicators, looking for signs that the worst may be behind us.

With that as a backdrop, investors pored over a couple of economic reports that suggest there may be light at the end of the tunnel, providing tailwinds for some of technology's more beaten-down stocks. E-commerce platform provider Shopify (NYSE: SHOP) jumped as much as 7.5%, visual discovery engine Pinterest (NYSE: PINS) climbed as much as 4.1%, and Block (NYSE: SQ) rose as much as 3.9%. By the end of the trading day, the trio was still trading higher, up 4.7%, 2.7%, and 2.3%, respectively.

While checks of all the usual sources found nothing in the way of major company-specific news driving the gains, investors were likely bottom-feeding for beaten-down growth stocks that had simply fallen too far. And as the day drew to a close, there was further evidence at least one of those choices was a good one.

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Source Fool.com