ASAN - Why Growth Stocks Jumped Today
Investors were pouring back into high-growth stocks early this week ahead of a very busy few days for earnings. One of the drivers was falling interest rates, but investors also seem to be thinking that the worst of the market's drop is behind us.
Shares of Zoom Video Communications (NASDAQ: ZM) jumped as much as 5.2%, while Asana (NYSE: ASAN) was up 13.5% and fuboTV (NYSE: FUBO) popped 16.4%. Shares of the stocks were up 3.1%, 13.2%, and 13.8% respectively at 11:30 a.m. ET.
After climbing for most of the year, interest rates have fallen sharply over the last month. In the last day, the U.S. 10-year treasury rate is down five basis points to 2.78% while Germany's 10-year is down six basis points to 0.89% and the U.K.'s is down 10 basis points to 1.95%.
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Why Growth Stocks Jumped Today