OPEN - Why Shopify Opendoor and Upstart Holdings Rocketed Higher This Week
2023-11-17 17:33:34 ET
Shares of rate-sensitive growth stocks Shopify (NYSE: SHOP) , Opendoor Technologies (NASDAQ: OPEN) , and Upstart Holdings (NASDAQ: UPST) rallied this week, up 11.7%, 21.2%, and 21.7%, respectively, according to data from S&P Global Market Intelligence .
Shopify is a high-growth e-commerce stock, Opendoor is an online e-commerce platform that buys and sells homes, and Upstart is a loan underwriter, mostly for unsecured personal loans and auto loans.
What do they have in common? Each is extremely sensitive to the interest rate environment, and each stock has been absolutely clobbered over the past two years by the fastest-ever series of interest rate hikes in history.
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Why Shopify, Opendoor, and Upstart Holdings Rocketed Higher This Week