Shares Of Shopify are Up 12% Today: Here's Why

Shopify Inc. SHOP shares are trading higher by 12.6% to $38.71 Wednesday afternoon amid overall market strength. The stock’s movement could also be in sympathy with technology and software companies amid a drop in yields.

Market indexes were higher Wednesday amid the start of the earnings season. Recent earnings reports from large US companies such as Goldman Sachs GS and more recently Netflix NFLX have provided some market relief despite broader macroeconomic concerns and fears of aggressive Fed policy.

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Shopify Inc., a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America.

According to data from Benzinga Pro, Shopify Inc. has a 52-week high of $176.29 and a 52-week low of $29.72.