Why Shopify Stock Was Climbing Today
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Shares of Shopify rose 4.6% today, aligning with broader market gains, influenced by favorable comments from Fed Chair Jerome Powell regarding potential interest rate cuts. Although there was no specific news for Shopify, its high valuation makes it sensitive to macroeconomic factors. Powell indicated that rate cuts could occur soon, which would positively impact Shopify's valuation. The company also provided strong guidance for revenue growth and free cash flow, suggesting potential for continued stock price increases in the long term.
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