US Market today: Why is Shopify share price rallying? Check top gainers and losers in the US markets
What happened in the US stock market today?
- US stocks snapped a 2-day losing streak. Nasdaq up 0.76%, S&P 500 rallied 0.69% and Down Jones jumped 0.64%.
- Investors geared up for the Central Bank meeting which kicked off on Tuesday. The policy decision will be announced on Wednesday.
- Materials, consumer discretionary and industrial stocks were the biggest gainers.
- Tech stocks remained under pressure. Microsoft, Western Digital and Seagate plunged to a fresh 52-week low.
- Wix.com shares rallied 16% after activist investor Starboard Value revealed a 9% stake in the web development platform.
US stock market today: Top gainers and losers
|Stock price action||Reason behind the move|
|Adobe fell 1%||Adobe share price extended fall over analysts' valuation concerns over $20 billion acquisition plan of web-based design platform Figma.|
|Amazon rose 1%||Amazon share price rose over reports of expansion into bulk inventory storage and automated distribution.|
|Apple jumped 3%||Apple share price rallied driven technical bounce back, analysts upgrade over solid iPhone demand and monetisation plans to Ad-platform.|
|Bank Of America jumped 2%||Bank Of America share price jumped along with financial stocks ahead of US central bank's meeting over inflation control plan.|
|Cloudflare gained 4%||Cloudflare share price traded higher amid the rebound of tech stocks following last week's selloff, US Central Bank's meeting eyed over inflation control.|
|Coinbase crashed 6%||Coinbase share price fell sharply tracking the losses in Bitcoin price ahead of the interest rate decision from the US Central Bank, scheduled this Wednesday.|
|Direxion Daily Semiconductor Bull 3X Shares ETF rose 2%||Direxion Daily Semiconductor Bull 3X Shares ETF price rose tracking the gains in chip stocks of NVIDIA and QUALCOMM.|
|Direxion Daily Technology Bull 3X Shares ETF rose 2%||Direxion Daily Technology Bull 3X Shares ETF price rose driven by gains in the shares of Apple, NVIDIA and PayPal.|
|Global X Lithium & Battery Tech ETF rose 2%||Global X Lithium & Battery Tech ETF price rose tracking the gains in lithium prices and underlying stock of Albemarle Corporation.|
|Intuit ended flat||Intuit share price ended flat despite yesterday's reports of management, hedge funds selling stock.|
|Mastercard ended flat||Mastercard share price ended flat despite reports of potential regulatory actions over 'Buy Now Pay Later' business.|
|Microsoft ended flat||Microsoft share price ended flat despite reports of legal hurdle in UK for its $69 billion deal of acquisition of Activision.|
|Netflix rose 1%||Netflix share price ended flat despite signs of growing optimism on Advertising business.|
|Nike jumped 3%||Nike share price jumped rallied ahead of earnings announcement, anticipation of strong growth in North-American market.|
|ProShares Ultra Semiconductors gained 1%||ProShares Ultra Semiconductors ETF price rose tracking the gains in chip stocks of NVIDIA and QUALCOMM.|
|ProShares UltraPro S&P 500 ETF lost 2%||ProShares UltraPro S&P 500 ETF price extended decline ahead of US central bank's decision on interest rate hike.|
|Roblox crashed 6%||Roblox share price extended fall over weaker than anticipated August month numbers for daily active users and revenue.|
|Shopify jumped 4%||Shopify share price jumped after a target share price upgrade by Atlantic Equities, price target now $46.|
|Tesla rose 2%||Tesla share price jumped over reports of completion production capacity expansion at Shanghai plant|
|WeWork sank 4%||WeWork share price extended fall amid reports of $300 million fundraising plan to expand operations in India amid valuation concerns.|
Why did Shopify stock rally?
Shopify share price jumped after a target share price upgrade by Atlantic Equities, price target now $46.
Why did Nike share price jump?
Nike share price jumped rallied ahead of earnings announcement, anticipation of strong growth in North-American market.
Why did WeWork stock crash?
WeWork share price extended fall amid reports of $300 million fundraising plan to expand operations in India amid valuation concerns.