DOCN - Why Snowflake MongoDB and Other Cloud Stocks Rallied on Tuesday
2023-11-07 13:14:54 ET
After an impressive run-up to start the year, the major market indexes have been taking a breather as investors have stepped back to assess the ongoing economic recovery. The Federal Reserve Bank has paused its campaign of interest rate hikes in the face of evidence that inflation is finally easing. Investors have also been monitoring a pullback in cloud spending and are still holding out hope for a so-called "soft landing," with the economy narrowly avoiding a recession.
With that as a backdrop, Snowflake (NYSE: SNOW) had climbed 10%, DigitalOcean Holdings (NYSE: DOCN) had jumped 10.3%, and MongoDB (NASDAQ: MDB) had risen 12.8% as of 12:49 p.m. ET on Tuesday.
A check of all the usual sources -- regulatory filings, earnings results, and changes to analysts' targets -- turned up little in the way of company-specific news (more on that in a bit). Rather, it was the robust results of several cloud competitors that helped propel them higher.
For further details see:
Why Snowflake, MongoDB, and Other Cloud Stocks Rallied on Tuesday