Tech stocks rise after CPI shows easing inflation

A trade inside the Nasdaq Marketsite in New York City.

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Tech stocks soared on Thursday after the consumer price index showed signs of easing inflation. Shares in the cloud computing, e-commerce and payments sectors showed particular strength, but the rally lifted nearly all technology companies significantly.

Game engine quotas unity rose 29.4%, like fintech companies block e Coinbase rose 17.8% and 10.7%, respectively, as cloud and software companies Atlassian e snowflake increased by more than 15% and e-commerce companies like Amazon, Coupang, Etsy e Shopify all rose at least 12%, with Coupang up 22.6%.

The WisdomTree Cloud Computing Fund, a basket of cloud software stocks, had its best day on record Thursday, rising 13.3%. Still down 50% for the year.

The movements were higher than the general market. O S&P 500 increased by 5.5% on Thursday and the technological sector Nasdaq Composite Index increased by 7.4%.

The market rally followed news that consumer prices rose less than expected, just 0.4%, in October. The news comes at a key time as shoppers prepare to buy holiday gifts.

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