Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+1.0%), and DJIA (+0.4%) are back near their best levels of the morning as stocks experience some choppiness this morning. 

Though not members of the information technology sector (+1.3%) themselves, several tech companies delivered strong earnings reports before the open today. 

MongoDB's (MDB 411.15, +82.28, +25.02%) beat-and-raise 3Q26 report propelled the stock to new 52-week highs after crushing consensus expectations for both revenue and EPS. Non-GAAP EPS grew 14% year-over-year, driven by strong operating leverage, improving Atlas gross margins, consistent cost discipline, and robust free-cash-flow generation, which benefited from higher cash collections and more efficient working-capital dynamics. Revenue surged 19% year-over-year to $628 million, well above guidance, as Atlas continued to outperform. 

Credo Technology Group (CRDO 195.95, +24.82, +14.50%) is also surging today after posting its strongest quarter ever. Q2 (Oct) revenue jumped 272% year-over-year and 20% quarter-over-quarter to $268 million, well above expectations, and Q3 (Jan) guidance of $335-345 million far exceeded analyst estimates. The company's Q2 performance and Q3 guidance signal accelerating momentum tied to AI infrastructure spending. While the company is not typically viewed as a frontline AI beneficiary, its interconnect offerings are becoming increasingly critical as GPU clusters scale in size and complexity.