3 Growth Tech Stocks To Buy Now Despite Coronavirus Reopening Nerves

Volatility seems to have made a bit of a comeback recently and we are only a week removed from the Dow’s worst day since March. Nonetheless, there seem to be reasons to believe that the market’s rally from its March 23 lows could continue, as economies around the world shake off the rust from their coronavirus lockdowns.

May U.S. retail sales surged 18% from April to crush estimates and help showcase that the pandemic’s worst economic days are most likely behind us. Meanwhile, the Fed continues to provide as much support to the market as it can, and there are new reports that the Trump administration is considering a $1 trillion infrastructure spending plan.

That said, the headlines about spikes in coronavirus cases are likely to remain constant as economies around the world reopen. Investors should remember that there was always going to be an increase in reported cases when the lockdowns were lifted because the virus didn’t disappear. And last week’s big-one day drop might simply have been a chance for investors to take home some profits after a massive run.

The fact remains that the S&P 500 is up over 37% from its lows and the Nasdaq nearly hit the 10,000 mark once again Wednesday. The big tech giants such as Apple (AAPL - Free Report), Amazon (AMZN - Free Report), Microsoft (MSFT - Free Report), and others continue to drive the rally, which is a good sign since their fundamentals remain strong in the face of the pandemic.

With this in mind, let’s dive into three growth-focused tech stocks that are poised to expand during the coronavirus economic downturn and well after…

Datadog (DDOG - Free Report)

Datadog is a cloud software firm that enables its clients to monitor the performance of databases, servers, apps, networks, and more. The company’s cloud-based SaaS offerings have attracted well-known clients, including Deloitte, FedEx (FDX - Free Report), and Pelton (PTON - Free Report), and it continues to add larger customers. DDOG closed the first quarter with 960 customers with annual recurring revenue of $100,000 or higher, which marked a 90% jump from the year-ago period.

1 2 3 4
View single page >> |

Disclosure: Zacks.com contains statements and statistics that have been obtained from sources believed to be reliable but are not guaranteed as to accuracy or completeness. References to any specific ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.