Shares of Pinterest (PINS 2.04%) were rising today on seemingly no company-specific news. The image-sharing social media platform was likely climbing along with the broader market, as it regained some of its losses from the past few months.
The tech stock was up by 4.1% as of 3:11 p.m. ET.
The S&P 500 was up 1.4% this afternoon and the tech-heavy Nasdaq Composite was 2% higher. Investors appeared a bit more optimistic about tensions in Europe between Russia and Ukraine.
Investors have, in general, been jittery about the potential of conflict between the two countries. But some news agencies reported today that the Russian Defense Ministry said it's starting to bring back some of its soldiers from the Ukrainian border.
NATO was still waiting to confirm the statement. It doesn't necessarily mean the potential for conflict is over, but the possibility of cooling tensions between the two countries made some investors more optimistic today.
Technology stocks have suffered over the past few months as investors have digested news of rising inflation -- now at a 40-year high -- and potential interest-rate hikes by the Federal Reserve coming as soon as next month. After flying high for most of 2020 and 2021, technology stocks, including Pinterest, have tumbled. Pinterest is down by 55% over the past six months.
The potential for conflict in Ukraine has added more pessimism among investors, in part because nearly 60% of Russia's oil exports go to Europe. The tensions in the region have helped pushed the price of oil to a seven-year high.
While Pinterest stock is gaining today, long-term investors may want to brace themselves for more volatility. Considering a potential conflict in Europe, sky-high inflation, and upcoming rate hikes by the Fed, there's likely to be more market instability in the short term.