Why Snowflake, MongoDB, and Other Cloud Stocks Rallied on Tuesday

After an impressive run-up to start the year, the major market indexes have been taking a breather as investors have stepped back to assess the ongoing economic recovery. The Federal Reserve Bank has paused its campaign of interest rate hikes in the face of evidence that inflation is finally easing. Investors have also been monitoring a pullback in cloud spending and are still holding out hope for a so-called "soft landing," with the economy narrowly avoiding a recession.