03.10.2022 21:49:25

Why Nvidia, Shopify, and Roku Stocks Popped on Monday

A broad cross-section of stocks rallied on Monday, recovering from last week's drubbing and buoyed by a manufacturing report that suggests inflation may be slowing.With that as a backdrop, a number of technology stocks outpaced the broader market indexes. Shares of e-commerce platform provider Shopify (NYSE: SHOP) rose as much as 3.2%, semiconductor specialist Nvidia (NASDAQ: NVDA) jumped as much as 3.7%, and streaming video pioneer Roku (NASDAQ: ROKU) surged as much as 4.3%. As of 2:50 p.m. ET, the trio were still trading higher, gaining 1.6%, 2.7%, and 4.1%, respectively. These stocks followed the broader market higher, as the S&P 500 and the Nasdaq Composite gained 2.9% and 1.7%, respectively.There was no company-specific news driving the gains, but shares of these companies have been punished over the past year, so investors were using any positive news to look for bargains among the rubble. The latest report on manufacturing data provided investors with the excuse they were looking for to buy shares of beaten-down technology stocks.Continue reading
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