Shopify surges nearly 12% as trade truce lifts market mood
The e-commerce giant soared despite posting mixed Q1 earnings and ahead of its Nasdaq 100 debut.
Shopify shares jumped nearly 11% Monday morning, a leader of the broader market rally after a US-China trade truce offered temporary tariff relief.
Shopify is also set to join the prestigious Nasdaq 100 starting next Monday, replacing MongoDB, and is getting some lift from index investors rebalancing their portfolio.
The pop comes on the heels of mixed Q1 results last week, when the e-commerce platform reported lighter profit guidance but was confident about its merchant base.
Shopify execs say sellers have limited exposure to tariffs and that their customers tend to be higher-income, with over half of US buyers earning more than $100,000 a year. Still, the company warned of ongoing uncertainty ahead.
Even with today’s move, Shopify shares are down about 5% year to date.
