Why Snowflake, Datadog, and MongoDB Rebounded on Monday
Shares of enterprise software companies Snowflake (NYSE: SNOW), Datadog (NASDAQ: DDOG), and MongoDB (NASDAQ: MDB) bounced back strong today, up 9.1%, 7%, and 7.2%, respectively, as of 1:35 p.m. ET.
There wasn't much in the way of company-specific news on Monday, as the broader software sector was roaring higher, bouncing back from big declines at the end of last week.
Overall, the macroeconomic picture seemed to improve slightly today, as the United Kingdom's new government announced it would be reversing its prior tax cut plan, which caused chaos in the currency and government bond markets. Long-term U.S. bond yields also retreated slightly, perhaps helping sentiment for high-growth software stocks.
Source Fool.com
