Why Shopify Stock Jumped on Tuesday

Shares of e-commerce platform provider Shopify (NYSE: SHOP) jumped sharply on Tuesday. The stock was up about 12% as of 3 p.m. EDT today.

The stock's gain was likely driven primarily by a rise in the overall market, including outsize gains for many growth stocks like Shopify.

Shopify's e-commerce platform. Image source: Shopify.