What happened
Marqeta (MQ 0.13%) saw its share price jump higher during trading on Wednesday afternoon. The price hit $7.33 at about 3:07 p.m. ET, a 9.2% increase from the previous day's close. The stock price is down about 57% year to date.
It was a good day overall as the Dow Jones Industrial Average was up 565 points (1.9%), the S&P 500 was up 73 points (2%), and the Nasdaq was up 223 points (2.2%) as of 3:07 p.m. ET.
So what
There did not appear to be any specific company-related news that jolted Marqeta higher on Wednesday. Rather, the payment infrastructure provider rode the momentum that lifted most growth stocks.
A big catalyst seemed to be that the 10-year Treasury yields fell after rising above 4% in the morning, their highest level since 2008. After topping out over 4%, yields fell sharply to about 3.7% in the afternoon, which may have spurred stock prices higher.
NASDAQ: MQ
Key Data Points
The Treasury yields shifted downward after the Bank of England announced a bond-buying plan to stabilize the pound, which increased British bond prices and sent yields lower around the globe.
Now what
The market may have also breathed a collective sigh of relief that Federal Reserve Chair Jerome Powell did not address monetary policy at a speech in St. Louis on Wednesday.
Today's rally for Marqeta may be a temporary respite, as it still faces economic headwinds caused by rising interest rates and a slowing economy. The company is also in the middle of a succession plan, as founder and CEO Jason Gardner stepped down in August to make room for new leadership to take Marqeta to the next stage of growth. Gardner will stay on as executive chair.
Meanwhile, the company projects revenue to grow 36% to 38% year over year in the third quarter.
