The Afterpay Ltd (ASX: APT) share price has staged a slow-and-stay comeback in wake of intensifying pressure from Apple and PayPal.
The negative news saw a sharp 13.45% selloff in Afterpay shares last week to $103.79.
But Afterpay managed to withstand the broad selloff yesterday, where the S&P/ASX 200 Index (ASX: XJO) tumbled 0.85%.
Similarly, the Afterpay share price has added another 1.55% on Tuesday to $106.53, despite the ASX 200 sliding another 0.37% at the time of writing.
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Afterpay rallies despite sharp selloff overnight
The US market tumbled in an aggressive fashion overnight with the Dow Jones Industrial Average Index (DJX: .DJI) tumbling 2.09%, the S&P 500 Index (SP: .INX) falling1.59% and the Nasdaq Composite (NASDAQ: .IXIC) down 1.06%.
According to CNBC, the sharp selloff was driven by increasing concerns that the resurgence in COVID-19 cases could slow down global economic growth.
COVID-19 cases in the United States have slowly crept up to a seven-day average of 31,745 as of 18 July compared to 11,623 a month ago.
Morgan Stanley chief US equity strategist Mike Wilson told CNBC, "The market appears ready to take on a more defensive character as we experience a meaningful deceleration in earnings and economic growth."
The Afterpay share price is making a turnaround despite a weak overnight performance from its US-listed rival, Affirm.
Affirm shares were off to a grim start on Monday night, sliding as much as 6.34% to US$54.06.
Encouragingly, the Affirm share price managed to bounce off lows, finishing the session 2.85% lower to US$55.86.
Affirm has struggled in light of a potential Apple BNPL service, with its shares tumbling 14.17% last week.
What else might be driving the Afterpay share price?
This morning, Afterpay revealed that it will begin rolling out its new money and lifestyle app, Money by Afterpay.
The new service will begin with a staff pilot at the end of July and plans to launch to market in October.
The new service will offer classic banking features including multiple savings accounts with an interest rate of 1% per annum, a physical debit card and instant payments.
