: Shopify’s stock shoots up toward 19-month high, fueled by strong online holiday shopping data

Shares of Shopify Inc. SHOP shot up 3.3% toward a 19-month high in premarket trading Monday, fueled by data suggesting online holiday shopping got off to a strong start on Black Friday. The stock has already oared 49.1% during November through Friday, which would be the best monthly performance since it rocketed 51.7% in April 2020. Adobe Analytics said consumers spent $9.8 billion online on Friday, up 7.5% from a year ago, and said Cyber Monday is expected to remain the season’s biggest online shopping day at $12 billion, up 6.1% from last year. Shopify’s stock, which was on track to open at the highest price seen during regular-session hours since April 2022, was the best premarket performer within the Amplify Online Retail ETF IBUY, which was still untraded ahead of Monday’s open. Among the ETF’s other top performers, shares of fellow e-commerce software developer BigCommerce Holdings Inc. BIGC climbed 2.6% and buy-now-pay-later operator Affirm Holdings Inc.’s stock AFRM advanced 2.0% toward a 14-month high. In comparison, futures ES00 for the S&P 500 SPX slipped 0.2% ahead of the open.

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