Shares of Figma (NYSE: FIG) rose 37.4% in July 2026, according to data from S&P Global Market Intelligence. Figma's stock is currently down 79% from the first-day closing price in August 2025, even after July's big gains. Continue »Figma's stock did a lot of nothing, loudlyFigma joined the Russell family of indexes at the end of June, resulting in a large volume of automated buys from index-based mutual funds and exchange-traded funds (ETFs). Meanwhile, OpenAI launched the Presence tool on July 22, adding weight to the dark clouds over enterprise software stocks. You can see that surge as a barometer of wider stock market trends, amplified by heavy short-selling and rattled investor nerves in the tech sector.