Why Shares of The Trade Desk Soared Tuesday

What happened

Shares of programmatic digital ad-buying platform The Trade Desk (NASDAQ: TTD) soared on Tuesday, rising 10% as of 2 p.m. EDT.

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The stock's gain comes amid overall bullishness in the market today, particularly toward growth stocks.

So what

The overall stock market saw a boost on Tuesday as Federal Reserve chairman Jerome Powell indicated he would consider lowering interest rates if trade tensions persist and if the U.S. economy needs a boost in order to sustain expansion.

The tech-heavy Nasdaq composite was up nearly 2.5% as of 1:52 p.m. EDT as a rebound led by growth stocks rewards investors.

Before The Trade Desk's stock jumped on Tuesday, shares had seen an outsize decline over the past month amid a market decline that punished many high-profile growth stocks. Trade Desk's rise on Tuesday suggests investors may believe shares were oversold.

Now what

Trade Desk investors will get their next update on the company when it reports its second-quarter financial results on Aug. 8. The company guided for second-quarter revenue of $154 million, up 37% year over year.

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Daniel Sparks owns shares of The Trade Desk. The Motley Fool owns shares of and recommends The Trade Desk. The Motley Fool has a disclosure policy.