Why Shopify Stock Was Getting Dumped Today
Shopify (NYSE: SHOP) stock was among the big losers of the session on Thursday. Shares of the e-commerce software company fell in response to the Federal Reserve's 75-basis-point hike to the benchmark federal funds rate Wednesday, as well as commentary about future interest rate hikes.
Though there was no company-specific news out on Shopify Thursday, tightening monetary policy and concerns about a potential recession were enough to drive the stock down 6.5% to a new 52-week low.
Like most e-commerce stocks, Shopify has been hit hard this year, both due to investors' intensifying concerns that a recession is coming and the difficult growth comparisons it faces against 2021, when COVID-19 was still causing large numbers of consumers to avoid brick-and-mortar retailers.
Source Fool.com
