ASAN - Why Shopify HubSpot and Asana Stocks Were Higher on Tuesday
The broader market was on the upswing after the long weekend, on the heels of a brutal week for stocks. Investor sentiment turned positive Tuesday, helping send a wide range of stocks, including many technology companies, higher.
Shares of Asana (NYSE: ASAN) gained as much as 12.1%, Shopify (NYSE: SHOP) climbed as much as 6.3%, and HubSpot (NYSE: HUBS) surged as much as 6.2%. As of 3:09 p.m. ET, the trio were still trading higher, up 5.6%, 4.1%, and 3.7%, respectively.
The market -- and many individual stocks -- were pummeled last week as investors grew more concerned about the state of the economy. The Federal Reserve took a drastic step in response to those fears, raising the federal funds rate by 75 basis points -- the largest rate hike since 1994 -- in a move designed to cool red-hot inflation. Chair Jerome Powell signaled that additional moves would likely be necessary in the near future, suggesting that a similar rate hike was on the table when the central bank meets again. This helped fuel investor fears regarding the ongoing potential for a recession.
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Why Shopify, HubSpot, and Asana Stocks Were Higher on Tuesday