FSLY - Why Fastly Just Popped but Amazon and Microsoft Dropped
2023-04-11 13:42:10 ET
Tuesday is looking to be a divergent session for tech stocks.
As of 1:37 p.m., ET, shares of cloud computing company Fastly (NYSE: FSLY) were up by 7% while both Amazon.com (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT) were retreating on worries about the health of their cloud computing businesses , down 2.2% and 2.1%, respectively.
Big picture, tech investors are worrying Tuesday about an International Monetary Fund (IMF) report forecasting only moderate 3%-ish global gross domestic product growth over the next five years. This is despite predictions that economic growth in the world's two most populous nations, China and India, will rebound to north of 5% this year, and implies that the global economy is about to present us with its weakest performance in more than 30 years, according to CNBC.
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Why Fastly Just Popped, but Amazon and Microsoft Dropped