Square Inc.’s stock
has been battered in recent weeks amid concerns about the impact of COVID-19 and an economic slowdown on the company’s small-business customers, but the shares are on track for a big rebound Tuesday as U.S. markets rally on hopes of future stimulus measures. Square’s stock is up 19.5% in midday trading Tuesday, which would mark the stock’s largest single-day percentage increase on record if the gains hold through the close. Last Monday, the stock notched its worst single-day percentage drop on record. Square has proven a controversial name in the analyst community in recent days, getting some upgrades and at least one downgrade. The company announced last week that it had received conditional approval for an industrial-loan charter that would allow a Square banking subsidiary to provide small-business loans. The stock is off 40% over the past month as the S&P 500
has lost 25%.