The Block Inc (ASX: SQ2) share price is soaring today, following in the footsteps of its US listing.
Let’s take a look at why the Block share price is rising today?
Block’s ASX listing appears to be following a similar path to the company’s US listing on Wednesday. Block Inc (NYSE: SQ) shares leapt 11.35% on the New York Stock Exchange overnight.
Financial and technology shares lifted after PayPal’s results improved optimism, Reuters reported. The NASDAQ Composite Index jumped 2.59%, while the S&P 500 Index gained 1.56%.
Wedbush Securities managing director Sahak Manuelian said in comments cited by the publication:
We’re going through Q2 earnings and, by and large, from the tech complex to consumer discretionary and industrials, we’re seeing a lot of better-than-feared prints, and that’s just good enough right now.
PayPal Holding Inc (NASDAQ: PYPL) reported net revenue lifted 9% year on year to $6.8 billion. The company also confirmed Elliott Investment Management has a $2 billion stake in the company. PayPal shares lifted 9% on the back of the results.
In Australia, the S&P/ASX All Technology Index (ASX: XTX)is 2.85% higher so far today.
Block is due to report its financial results on 4 August, US time.
The Block share price has fallen 28% year to date, however, it has soared 44% in just the past month.
For perspective, the benchmark ASX 200 Index has shed 6% in 2022 so far.
Block has a market capitalisation of about $4.8 billion based on the current share price.
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