Shares of cloud stocks including Atlassian (NASDAQ: TEAM) , MongoDB (NASDAQ: MDB) , and CrowdStrike (NASDAQ: CRWD) were all trading higher today, jumping with a broader surge in the market. All three of these stocks trade at high valuations and are barely profitable, making them sensitive to the macroeconomic environment, including interest rates.
There was no significant company-specific news about any of these three stocks today. Rather, the gains in the market seemed to drive an outsize jump in the cloud sector .
Initial unemployment claims ticked up slightly this morning, rising to 225,000 last week from 216,000 the week before. Continuing unemployment claims also rose to 1.71 million, their highest level since February. Those figures offer some evidence that the Fed's efforts to tighten the labor market are bearing some results.
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Why Cloud Stocks Atlassian, MongoDB, and CrowdStrike Were All Up Today