Shares of Netflix are surging thanks to gains in the Nasdaq and success of its new series "Wednesday."
Uncertainty regarding the length and duration of the downturn have hung over the market like an anvil this year, with many investors afraid to buy the dip for fear of suffering further declines. Add to that the Federal Reserve Bank's relentless campaign of rising interest rates to combat persistent inflation, and it's no wonder that consumers and investors alike have shifted their behavior based on the tough macroeconomic conditions. Netflix (NASDAQ: NFLX) surged 9.2%, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) jumped 5.4%, honorary member Microsoft (NASDAQ: MSFT) climbed 5.8%, while Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) each rallied 4.5% by the time the market closed on Wednesday.
Long-term megatrends in technology and other sectors have the ability to reshape the economy and create big market winners. For example, trending sectors like e-commerce, cloud computing, and video streaming led to massive returns in several stocks over the last decade, even with the challenges in the tech sector in the last year. Behind the scenes, one of the biggest trends in technology is that enterprises are replacing multiple "point solutions" with a single cloud platform.