The stock market was having a strong day on Thursday. With about an hour left to go until the market's close, all three major indexes were in positive territory and the tech-heavy Nasdaq Composite was up about 2.5% for the day.

Insurance technology company Lemonade(NYSE:LMND) was a big outperformer. As of 3 p.m. EST, shares were higher by more than 14%. 

There isn't any company-specific news for Lemonade today. In fact, the latest news item in my feed is an analyst downgrade from earlier in the week. 

Instead, this seems to be driven by the overall rally in the high-flying tech stocks that have been beaten down in recent weeks. As interest rates rose sharply, it put pressure on richly valued tech stocks, many of which are trading for significantly below their recent highs. In fact, even after today's rally, Lemonade is still more than 40% below its all-time high reached earlier in 2021. 

More in category

Pfizer says it has uncovered counterfeit COVID vaccine distribution in Poland and Mexico
April 21, 2021MarketWatch
Pfizer says it has uncovered counterfeit COVID vaccine distribution in Poland and Mexico
These stocks could emerge as big winners from retail’s new frontier — your home
April 21, 2021CNBC
These stocks could emerge as big winners from retail’s new frontier — your home
U.S. vaccination pace holds above 3 million shots per day for two weeks straight
April 21, 2021CNBC
U.S. vaccination pace holds above 3 million shots per day for two weeks straight
Middleby to acquire Welbilt in all-stock deal valued at $4.3 billion
April 21, 2021MarketWatch
Middleby to acquire Welbilt in all-stock deal valued at $4.3 billion
The Fed won’t taper its asset buying till 2023, says former White House economist. Here’s why.
April 21, 2021MarketWatch
The Fed won’t taper its asset buying till 2023, says former White House economist. Here’s why.
European stocks rebound from worst losses in four months, led by chipmaker ASML
April 21, 2021MarketWatch
European stocks rebound from worst losses in four months, led by chipmaker ASML
Germany’s federal election may be the Georgia Senate race of the autumn
April 20, 2021MarketWatch
Germany’s federal election may be the Georgia Senate race of the autumn
EU reaches major climate deal ahead of Biden climate summit
April 21, 2021MarketWatch
EU reaches major climate deal ahead of Biden climate summit
UiPath IPO: 5 things to know about the ‘software robots’ company valued at nearly $30 billion
April 20, 2021MarketWatch
UiPath IPO: 5 things to know about the ‘software robots’ company valued at nearly $30 billion
Stock-market sentiment shifts after investor euphoria pushed U.S. equities to record highs
April 20, 2021MarketWatch
Stock-market sentiment shifts after investor euphoria pushed U.S. equities to record highs
Floyd family attorney Ben Crump says Derek Chauvin’s murder conviction is ‘painfully earned justice’ — here’s what gave him hope months earlier
April 20, 2021MarketWatch
Floyd family attorney Ben Crump says Derek Chauvin’s murder conviction is ‘painfully earned justice’ — here’s what gave him hope months earlier
Get ready for the ‘reflation and reopening trade’ to kick into high gear, says JPMorgan’s top quant
April 20, 2021MarketWatch
Get ready for the ‘reflation and reopening trade’ to kick into high gear, says JPMorgan’s top quant
Netflix predicts worst quarter for streaming growth in its history, stock falls 9%
April 20, 2021MarketWatch
Netflix predicts worst quarter for streaming growth in its history, stock falls 9%
Opinion: High-momentum stocks have been losing steam and this could be signaling a market top
April 20, 2021MarketWatch
Opinion: High-momentum stocks have been losing steam and this could be signaling a market top
Your streaming subscriptions reshaped Disney and turbocharged Netflix — now comes making more money off you
April 16, 2021MarketWatch
Your streaming subscriptions reshaped Disney and turbocharged Netflix — now comes making more money off you
22 Million Seniors Wish They'd Considered This Major Retirement Expense
April 21, 2021The Motley Fool
22 Million Seniors Wish They'd Considered This Major Retirement Expense
3 Unstoppable Growth Stocks You Can Hold for Decades
April 21, 2021The Motley Fool
3 Unstoppable Growth Stocks You Can Hold for Decades
3 Stocks That Offer Explosive Potential Gains
April 21, 2021The Motley Fool
3 Stocks That Offer Explosive Potential Gains
Median home price in Boston-area hits record of nearly $725K
April 21, 2021FOX Business
Median home price in Boston-area hits record of nearly $725K
Mortgage rates at 2-month lows entice borrowers
April 21, 2021FOX Business
Mortgage rates at 2-month lows entice borrowers
Overstock CEO says Coinbase, Robinhood are in its crosshairs as it builds out rival crypto trading venue
April 20, 2021MarketWatch
Overstock CEO says Coinbase, Robinhood are in its crosshairs as it builds out rival crypto trading venue