Why Shopify Stock Jumped Double Digits Today

·2 min read
Why Shopify Stock Jumped Double Digits Today

Shares of Shopify (NYSE: SHOP) were soaring today even though there was no direct news out on the stock. Out of the three major indexes, the Nasdaq was the top performer this afternoon, up 0.3% compared to a 0.9% loss for the Dow Jones Industrial Average and a 0.6% decline in the S&P 500. More specifically to Shopify, retail earnings this week have shed light on how difficult the environment is in the industry, with Walmart and Target both falling sharply on lower profits, and Kohl's today reporting that both revenue and profits were down in the quarter.

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