Why Shopify Stock Jumped This Week
Shopify (NYSE: SHOP) investors trounced a rising market this week. The e-commerce stock jumped 29% through Thursday's trading, according to data provided by S&P Global Market Intelligence, compared to a 3.5% surge in the S&P 500.
The rally just erased a small part of shareholders' latest losses, though, and the stock remains down by about 70% so far in 2022. However, investors are becoming less pessimistic heading into a key earnings update in just a few days.
Shopify's stock-price fortunes were mostly tied to the rising market. The tech-heavy Nasdaq index rallied by 11% through Thursday trading, after all, due to rebounding optimism on Wall Street. Given Shopify's big declines in 2022, it's no surprise that such a shift in sentiment would benefit the stock.
Source Fool.com
