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Why Shopify Stock Was Getting Dumped Today

·2 min read
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. 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.