Shares of e-commerce platform provider Shopify (NYSE:SHOP) jumped sharply on Tuesday. The stock was up about 12% as of 3 p.m. EDT today.
The stock's gain was likely driven primarily by a rise in the overall market, including outsize gains for many growth stocks like Shopify.
Capturing optimism in the overall market on Tuesday, the S&P 500 was up about 3% at the time of this writing. The market's gain comes as sentiment about the United States' ability to get the coronavirus under control is improving. Daily new reported cases in the U.S. seem to have leveled off over the past week and have even declined for three days in a row.
While many stocks are rising today, lots of growth stocks like Shopify seem to be rising faster than broader market indexes. While the stock has rebounded sharply recently, it's still trading nearly $100 below an all-time high of $593.89.
On April 1, Shopify provided a timely business update for investors as it deals with the impact of COVID-19. The company said its first-quarter revenue and adjusted operating income will likely be "within or ahead" of its previous guidance for the period. But the company withdrew its full-year financial outlook due to economic uncertainties.