PayPal Holdings Inc (NASDAQ:PYPL) and Shopify Inc (NYSE:SHOP) shares are trading higher by 4.70% to $89.78 and 3.66% to $28.87, respectively, Wednesday afternoon. Shares of software and technology companies are trading higher as stocks rebound following recent weakness.
Stocks at large are rebounding following last week's Fed decision to hike rates by 75 bps and marked strength in the U.S. dollar. The Fed also issued outlook on inflation, unemployment and economic growth.
What Happened?
The Federal Reserve raised its target fed funds rate by 0.75% last Wednesday to a new range of between 3% and 3.25%, its third 0.75% rate hike in four months. The Fed said it will continue with its previously announced plan to let Treasury securities and agency debt and agency mortgage-backed securities roll off its balance sheet on a monthly basis.
"Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures," the Fed said in a statement...Read More
See Also: Federal Reserve Issues Third Straight 0.75% Interest Rate Hike: What It Means For The Struggling Stock Market