Why Shopify Stock Was Down on Tuesday
Shopify (NYSE: SHOP) underperformed a declining market on Tuesday, trading lower by 7% as of 12:45 p.m. ET compared to a 3.1% slump in the S&P 500. The drop added to a tough year for shareholders -- the stock is now down nearly 80% so far in 2022.
Tuesday's decline was powered largely by marketwide pessimism, but also by specific concerns about Shopify's growth prospects.
The Nasdaq Composite index, home to many tech players, had shed 3.7% by 1 p.m. ET, and Shopify tends to move in sympathy with that index, which includes peers like eBay and Amazon. All of these e-commerce specialists were down on Tuesday.
Source Fool.com
