DDOG - Why Zscaler Datadog and Wix Stocks All Rallied Wednesday Morning
2023-05-10 12:56:03 ET
A broad cross-section of stocks were in rally mode on Wednesday. Market watchers were focused on the Federal Reserve's ongoing battle to control rampant inflation. The latest U.S. government data showed that inflation cooled more than expected last month, which could convince the Federal Reserve to slow the pace of interest rate hikes. Interest rate increases are what the Fed uses to control rising prices.
With that as a backdrop, shares of Zscaler (NASDAQ: ZS) rose 6.4%, Datadog (NASDAQ: DDOG) jumped 5.4%, and Wix (NASDAQ: WIX) was up 2.9% as of 11:14 a.m. ET.
There was only one piece of company-specific news helping fuel the rally, which suggests most investors were squarely focused on the improving economic outlook.
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Why Zscaler, Datadog, and Wix Stocks All Rallied Wednesday Morning