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Why PayPal Stock Was Outperforming the Market Today

TheMotleyFool

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Why PayPal Stock Was Outperforming the Market Today: https://g.foolcdn.com/editorial/images/705020/mobile-phone-user-payments.jpg

Shares of PayPal Holdings (NASDAQ: PYPL) were up 4% at 10:41 a.m. ET on Monday, outpacing the S&P 500 index. The stock got a boost as investors digested a strong earnings report from Bank of America. PayPal also announced PayPal Rewards, a new app feature that combines cash-back rewards and merchant offers in a single shopping experience.

Slowing growth and increasing competition from Apple have contributed to PayPal's 73% decline since reaching an all-time high in 2021. Can it claw its way back?