The stock market has remained under pressure lately on concerns surrounding the Fed’s hawkish stance and a possible recession. The tech-heavy NASDAQ composite has plunged 26.2% year-to-date and 8.7% over the past month.
While the continued digital transformation and migration to the cloud make the long-term prospects bright for the software-as-a-service industry, the recent tech sell-off has hammered shares of many SaaS companies. Since the Fed is slated to continue aggressive interest rate hikes this year, fundamentally weak SaaS stocks are expected to keep losing.
