Shares of BigCommerce Holdings (NASDAQ:BIGC) popped today on news that President Donald Trump's health may be improving and that lawmakers appear to be working on a new economic stimulus deal.
Tech stocks have generally moved on virus-related news over the past few months and BigCommerce's share price jump today appears to be more of the same. Shares were up by as much as 12.4% today and were up by 8.6% as of 3:06 p.m. EDT.
President Trump said this afternoon that he'd be heading back to the White House this evening. He spent three days in the hospital after he was diagnosed with COVID-19. Investors have been watching news of the president's health closely and were happy to see that he appears to be getting better.
Additionally, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke today about a potential economic stimulus package. The two sides haven't yet agreed to anything but are expected to speak to each other again tomorrow. Investors are hoping that another stimulus deal can be reached before the upcoming presidential election.
Technology stocks have skyrocketed over the past few months as investors have flocked to the sector, looking for a haven from the unpredictability that the coronavirus has brought in many sectors. Technology companies have done generally well during this time as companies and users have increased their demand for online services. With today's share price gains, BigCommerce's stock is up 27% year to date. Long-term investors should keep in mind that ongoing news about the virus could continue to impact share prices in the coming months.