What's Going On With Shopify Stock?

Shopify Inc SHOP shares are trading higher Wednesday. The stock appears to be getting a boost from broader market strength as several names rebound from recent weakness.

What To Know: The broader market is rallying Wednesday ahead of Nvidia's earnings due after the bell. Multiple analysts have highlighted the company's report as a make-or-break moment for the market. 

Wedbush analyst Dan Ives called it the biggest earnings week for tech in the last five or six years and Deepwater Asset Management's Gene Munster said the chipmaker's results will set the tone for broader markets for the rest of the year. 

On Tuesday, Wedbush initiated coverage on Shopify with an Outperform rating and set a price target of $62.

Check This Out: Gene Munster Expects Nvidia Earnings To Make Or Break The Market: Why The Analyst Says The Chipmaker Is 'Going To Deliver'

What Else: Solana Pay became available as a payment option on Shopify Wednesday morning. Solana Pay eliminates bank fees and enables immediate payment settlements when using USD stablecoins compatible with Solana.

"Solana Pay on Shopify opens up millions of merchants to a more dynamic and efficient payment choice, while consumers get the convenience and increased utility of being able to pay for goods and services with digital dollar currencies from the vast network of merchants using Shopify," said Josh Fried, head of commerce business development at Solana.

SHOP Price Action: Shopify shares are down approximately 13% over the last month. The stock was up 4.17% at $56.19 at the time of publication, according to Benzinga Pro.

Photo: Open Grid Scheduler from Flickr.