WIX - SaaS Stocks Aren't Out of the Woods Just Yet
2023-05-17 08:35:00 ET
Wall Street was generally in an upbeat mood Wednesday morning, with hopes that investors could break a string of losses for major market benchmarks in recent days. Stock index futures were up as much as half a percent as some projected a modest rebound for the market.
One reason why markets have been stuck in the doldrums as long as they have after 2022's bear market is that many of the software stocks that helped produce such impressive gains in 2020 and 2021 have failed to bounce back significantly. Some of those software-as-a-service (SaaS) stocks are finally showing more positive signs of recovery, as gains in Wix.com (NASDAQ: WIX) Wednesday morning indicated. However, further losses for Doximity (NYSE: DOCS) show that there's still more work to do before the entire group will be back in action.
Shares of Wix.com moved higher by 6% in premarket trading Wednesday morning. The website creation specialist had a solid start to 2023, and investors are optimistic that the company can build on its momentum and produce a lasting recovery.
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SaaS Stocks Aren't Out of the Woods Just Yet