The Nasdaq-100 technology index has jumped by 7.4% over the past 30 days. There have been some early signs that economic pressures are easing, including a gradual decline in inflation, which could spur a resurgence in high-growth stocks into the new year.

Despite its recent bounce, the Nasdaq-100 remains down 28% in 2022, but that might be an opportunity for investors. However, it's important to be selective about the individual stocks you buy. In some cases, the recent strength might present a chance to sell some underperforming names.

Here's one stock investors should buy as the market rebounds, and one they might want to sell.

The stock to buy: Tenable

According to a survey conducted by global consulting firm PwC, corporate leaders perceive cyber risks as the greatest threat to their revenue. As more businesses shift their operations online using cloud computing technology, they're more vulnerable than ever to malicious actors. Tenable (TENB -0.05%) is the cybersecurity industry leader in vulnerability management, and the company is firing on all cylinders this year despite weakness in the broader economy.

Tenable's specialty is proactive cybersecurity, which can detect threats and exposures in a company's networks before they cause damage. Its Nessus platform is ranked No. 1 in accuracy, coverage, and adoption, serving over 2 million individuals and tens of thousands of organizations. While that's a broad, customizable tool, Tenable offers a range of industry-specific solutions for businesses that need specialized protection.

In the recent third quarter (ended Sept. 30), it unveiled its new Tenable One platform, which amalgamates five of the company's most successful products to deliver a powerful all-in-one solution. It's the ultimate tool to gain protection across the modern, online attack surface. 

Tenable's revenue jumped 26% year over year in the third quarter to $174.9 million, handily beating its own expectations. As a result, it upped its full-year revenue forecast to $680.6 million, bucking the trend of the broader tech sector, which has been slashing guidance.

The headline number, though, was Tenable's 1,280 customers that are each spending a minimum of $100,000 annually with the company. The figure grew 29% year over year, and it highlights the soaring demand for advanced cybersecurity tools among large organizations.

Despite the strength in its business, Tenable stock has declined 30% year to date. That could spell opportunity for investors who want a slice of an essential, fast-growing industry, and one of its leaders no less. 

The stock to sell: Peloton

Peloton Interactive (PTON 4.89%) was a pandemic darling, but it has suffered a remarkable fall from grace since, with its stock declining by 92% from its all-time high. The company's at-home exercise equipment and virtual fitness classes were a hit when society was under lockdown and social restrictions, but as things opened back up, Peloton's appeal began to wear off. 

The company has experienced a decline in its business across the board, from sales growth to user engagement. But its greatest challenge has been stemming its net losses, which came close to threatening the company's very existence earlier this year, before it arranged $750 million worth of debt financing. It has been on a cost-cutting mission ever since, slashing staff, outsourcing its manufacturing, and even tapping new sales channels.

Peloton's equipment used to be available only through its own online and physical stores, but it has since started selling through Amazon and Dick's Sporting Goods. The goal is to give people greater access to its products, and it could help in the long run, but right now consumers are struggling under the pressures of high inflation, rising interest rates, and a difficult economy. 

It's perhaps not the type of environment where they will prioritize splurging on Peloton's new $3,195 rowing machine, for example. 

The company's revenue came in at $616 million during the first quarter of fiscal 2023 (ended Sept. 30), shrinking by 23% year over year. It had a net loss of $408 million, which followed $2.8 billion in net losses during fiscal 2022. Peloton has just $938.5 million in cash on hand, so it needs to work quickly to stem the flow of red ink

Peloton stock has bounced by nearly 40% over the past month amid the rise in the broader tech sector. But given the uncertainty in both the economy and the company itself, this might be an opportune time for shareholders to trim their exposure.