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Shopify Inc. SHOP shares traded higher on Wednesday driven by overall market strength following the Federal Reserve's decision to hold interest rates steady .
The Fed's latest economic projections were also a key factor contributing to market movement. GDP growth forecasts for 2025 were revised downward to 1.7%, from an earlier projection of 2.1%.
At the same time, inflation expectations were raised. The core Personal Consumption Expenditures (PCE) price index, which excludes volatile food and energy prices, was adjusted up to 2.7% for 2025, from the previous forecast of 2.5%. This shift in projections pointed to rising concerns about stagflation, which occurs when the economy experiences slow growth combined with high inflation.
Despite the inflation concerns, the Fed's outlook also included expectations for two interest rate cuts in both 2025 and 2026. Fed Chair Jerome Powell also downplayed recent surveys that have pointed to rising uncertainty among households and businesses.
Shopify announced this week that it will voluntarily transfer its U.S. stock exchange listing from the New York Stock Exchange to the Nasdaq. The company's shares will commence trading on the Nasdaq on March 31.
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