Shares of Spotify ticked higher after an analyst upgraded the stock to Overweight, noting the company's commitment to improving margins.
Spotify stock rose nearly 3% in early pre-market trading on Monday after the music streaming giant received an upgrade from Wells Fargo analyst Steve Cahall.
The broad-based S&P 500 Index is up 9%, while the technology-heavy Nasdaq 100 is up 18% year to date (YTD), and we've barely made it out of January. After a brutal 2022 for growth and technology stocks, it looks like things may be finally turning the corner for investors, with inflation readings coming down and the United States economy escaping a recession (at least for now). Spotify (NYSE: SPOT), Tesla (NASDAQ: TSLA), and Amazon (NASDAQ: AMZN) are three stocks that led the stock market rally last month.