A trade inside Nasdaq Marketsite in Latest York City.
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Tech stocks rocketed higher Thursday after the buyer price index showed signs of easing inflation. Stocks within the cloud computing, e-commerce and payments sectors showed particular strength, however the rally lifted nearly every tech company significantly.
Shares of game engine Unity were up greater than 24%, fintech firms like Block and Coinbase spiked 15% and 9%, respectively, cloud and software firms like Atlassian and Snowflake were up about 15% and e-commerce firms like Amazon, Coupang, Etsy and Shopify were all up at the least 11%.
The WisdomTree Cloud Computing Fund, a basket of cloud software stocks, had its best day on record on Thursday, surging 12%. It’s still down 50% for the yr.
The moves were higher than the general market. The S&P 500 was up nearly 4% Thursday and the tech-heavy Nasdaq Composite Index was up 5%.
The market rally followed the news that consumer prices rose lower than expected, just 0.4%, in October. The news comes at a key time as shoppers gear up to purchase gifts for the vacation season.
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