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I just reviewed the U.S. market and see that the software tech sector is experiencing a good rebound. Last Monday, (April 13), the major indices rose and dragged the entire sector along with them. The iShares Expanded Tech-Software ETF increased by 3.4%, breaking a three-day losing streak.
What’s interesting is that cybersecurity stocks stood out quite a bit compared to the rest of the U.S. market. Cloudflare was the star with a jump of 7.8%, followed by RingCentral with 5.9% and ServiceNow with 5.2%. We also saw positive movements in Crowdstrike (4.8%), HubSpot (4.7%), Palantir (3.4%), and Palo Alto Networks (2.4%).
It wasn’t an explosive day, but after the hits the sector has taken, any rebound is welcome. Some names like Zscaler (1.6%) and Datadog (2.4%) had more modest gains, but still closed in the green. The U.S. market seems to be regaining some confidence in these tech stocks.