Why Amazon, Shopify, and Global-e Stocks All Rallied on Monday
The bumpy ride investors have experienced so far this year continues as the bear market drags on and market watchers remain cautious. That said, evidence suggests there are reasons to be optimistic, with some megabanks recently reporting that the resiliency of consumers remains strong. Investors took the news as an excuse to wade back into the market, buying up a broad swath of technology and consumer-facing stocks.
With that as a backdrop, several e-commerce stocks rallied on Monday. Shares of Amazon (NASDAQ: AMZN) climbed as much as 3.2%, Global-e Online (NASDAQ: GLBE) jumped as much as 6.9%, and Shopify (NYSE: SHOP) surged as high as 9.4%. As of 1:03 p.m. ET, the trio were still trending higher, up 2.9%, 5.2%, and 8.5%, respectively.
Several major banks have reported results in recent days and management commentary suggests consumers continue to bolster the U.S. economy. While fears of a recession remain, these financial institutions don't appear to be exhibiting signs of major weakness, at least not yet.
Source Fool.com
