The bear market in stocks during 2022 has hit investors hard, and the damage has been particularly evident among tech stocks in the Nasdaq Composite (NASDAQINDEX: ^IXIC) . After several years of outperforming other major market indexes, the Nasdaq has had to deal with many of its stock listings seeing steep share-price declines of 50% or more this year.
On Tuesday morning, however, it looked as though the Nasdaq would get some relief from Monday's sizable drop, with futures contracts posting gains of about a quarter percent in premarket trading early Tuesday. Among the bright spots on the Nasdaq were substantial gains for software-as-a-service (SaaS) stocks Gitlab (NASDAQ: GTLB) and Sumo Logic (NASDAQ: SUMO) , both of which announced quarterly financial results that gave investors confidence in their ability to bounce back in 2023.
Shares of Gitlab jumped 18% in premarket trading Tuesday morning. The provider of development, security, and operations software released third-quarter results for the period ending Oct. 31 that showed that its enterprise customers continued to pursue their digital transformation efforts even in a slowing macroeconomic environment.
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These SaaS Stocks Are Boosting the Nasdaq Tuesday