SHLS - Nasdaq Surges After Inflation Data: Why the Top Tech and Growth Stocks Moved Higher
The Nasdaq Composite Index (NASDAQINDEX: ^IXIC) is cranking on August 10, 2022, up 2.4% at 12:53 p.m. Today's big gains come as earnings season continues and following the release of the latest inflation data from the U.S. Department of Labor this morning. According to the data, the Consumer Price Index, or CPI, rose 8.5% in July. For context, that's still near the highest levels of the past four decades, but it's trending very much in the right direction after June's 9.1% set a 41-year high.
Today, investors are betting that slowing inflation is a good signal that a sharp recession is less likely. Energy and food prices are moderating, and many companies are still reporting upbeat quarterly results and expectations. Upstart (NASDAQ: UPST) and Affirm Holdings (NASDAQ: AFRM) are at the leading edge of that consumer risk, and their highly volatile stocks are up big today on the optimistic reading of the inflation data.
Today's noteworthy postearnings gainers include The Trade Desk (NASDAQ: TTD) , with shares up more than 36% at one point. Investors are also betting on better prospects for renewable and low-carbon energy companies. Shoals Technologies (NASDAQ: SHLS) and Plug Power (NASDAQ: PLUG) are two of those up big today.
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Nasdaq Surges After Inflation Data: Why the Top Tech and Growth Stocks Moved Higher