Why Snowflake, Okta, and Atlassian Stocks All Beat the Market In June
The first half of 2022 was one for the record books, with both the S&P 500 and Nasdaq Composite closing it out in bear market territory. Yet even as the broader market indexes lost ground in June, investors were looking for bargains and cherry-pick stocks that they believed offered upside in the coming years, causing some stocks -- particularly tech -- to buck the broader market trend.
With that as a backdrop, shares of Snowflake (NYSE: SNOW) and Okta (NASDAQ: OKTA) each gained 8.9% in June, while Atlassian (NASDAQ: TEAM) climbed 5.7%, bucking the flagging market.
With the first half of 2022 over, market participants are beginning to take stock of their holdings, and the results are mostly abysmal. The S&P 500 and Nasdaq Composite each lost more than 8% last month, compounding losses that total 21% and 30%, respectively, so far this year. Consumers are battling inflation that hit 40-year highs of 8.6% in June, while economic uncertainty born of supply chain disruptions and the war in Europe adds to investor angst.
Source Fool.com
