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

Shopify Inc. (NYSE: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 (NYSE:GS) and more recently Netflix (NASDAQ: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.