Slack Technologies (NYSE:WORK) shares were climbing today as investors were likely processing more news about rising coronavirus cases in the U.S. As the country grapples with the ongoing pandemic, investors have been looking for technology companies that have the potential to benefit from employees who are working at home. The company's stock rose as much as 7.1% by midafternoon.
As of 2:16 p.m. EDT, Slack's share price was up 3.2%.
The U.S. continues to be a hotspot for the global coronavirus pandemic, and some states, including Florida, are experiencing record cases of the virus. As COVID-19 continues to spread across the country, some states are walking back plans to fully reopen -- which means that many companies will likely keep workers at home for the foreseeable future.
Slack has benefited from the new work-from-home boom because its communication platform allows employers and employees to easily communicate with one another and collaborate on projects. Since March, when many companies began allowing employees to work from home, Slack's share price has jumped 30%.
Today's stock price bounce didn't come from any company-specific news but is rather a reaction to the ongoing need for cloud-based employee communication tools during the pandemic.
While many technology companies have seen their share prices climb over the past three months, it's important for investors to know that there's still a lot of uncertainty in the market right now. The U.S. unemployment rate is still in double-digit percentages, and no one knows when we'll be able to put COVID-19 behind us or when our economy will get back to its prepandemic levels.