Why Is SOS Limited (SOS) Stock Up Today?

Today, one of the winners in the market is SOS Limited (NYSE:SOS). Soaring more than 10% in early morning trading, SOS stock is currently up by roughly 5%. This surge comes amid a broad recovery in the market, following days of selling.

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Of course, this morning’s rally — following recently released CPI data — lost momentum. The market first breathed a sigh of relief from seeing inflation at 8.5% annualized (many were expecting a much higher number), but that’s still sky-high inflation. Accordingly, it isn’t surprising that SOS stock has given up some of today’s gains.

That said, SOS specifically has been on its own downtrend for some time. After being caught up in meme stock mania early last year, shares absolutely imploded. Over the past year along, the stock is down more than 90%. That’s including this recent rise.

However, today is a new day, providing SOS investors momentum nonetheless. So, let’s dive into what’s driving positive sentiment right now.

SOS Stock Climbing on Expanding Crypto Operations

In the past, Chinese blockchain technology company SOS has been a high-profile beneficiary of speculative rallies. However, with easy capital fleeing the markets, the stock has become a casualty of tightening monetary conditions.