Shares of Wix, DigitalOcean, and Upland Software jumped in afternoon trading after the United States and Iran agreed to halt tit-for-tat military exchanges, easing fears of a wider Middle East conflict. Wix rose 5.2%, DigitalOcean gained 5.2%, and Upland Software surged 9.1%. The de-escalation reduced oil prices and inflation concerns, lowering odds of a Federal Reserve rate hike, which disproportionately benefits high-multiple growth software stocks. The rally also built on a chip-to-software rotation triggered by a June 25 report that OpenAI may delay its IPO, softening fears that AI labs would quickly cannibalize incumbent SaaS companies.
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Wix.Com Ltd