While the data has checked many of the boxes that suggest the U.S. is in the midst of a recession, other metrics contradict that conclusion, leaving investors uncertain about where we stand. A key economic indicator released on Wednesday provided a bit of clarity, suggesting things are actually better than some had feared. With that as a backdrop, semiconductor specialist Taiwan Semiconductor Manufacturing (NYSE: TSM) climbed 1.8%, streaming video pioneer Roku (NASDAQ: ROKU) jumped 2.7%, and e-commerce platform Shopify (NYSE: SHOP) rallied 3.3% as of 1:11 p.m. ET on Wednesday.
Chinese stocks were on the move again as reopening hopes lit a fire under these beaten-down stocks. Baozun and Kanzhun also reported earnings.
Valuations are coming down across the Internet - Services industry, which means that stocks like SHOP, ZS and CXDO are looking more attractive.