Why Shopify Stock Fell Hard Today
Shares of Shopify (NYSE: SHOP), an e-commerce platform, fell in response to a broader market sell-off today. Investors are worried that inflation, now at a more than 40-year high, will persist and the Federal Reserve's response could significantly hurt the economy.
The tech stock was down by 10.2% on Monday.
Late last week, a new report showed that the consumer price index rose 8.6% in May, which was higher than expected. Investors sold off their shares in nearly every sector today as they grew increasingly worried that stubbornly high inflation will spur the Federal Reserve to continue to make aggressive rate hikes.
Source Fool.com
