Shopify Stock ( NYSE:SHOP )
The market’s decline on Friday hit investors in Shopify stock hard. At 3 p.m. ET, the e-commerce platform shares had dropped 10% , compared to the market’s drop of 2.9%. The Shopify stock has fallen almost 80% so far in 2022, and that drop exacerbated the firm’s steep short-term losses.
The market dropped on Friday because investors lost faith in Shopify’s ( NYSE:SHOP ) ability to make a comeback.
What’s the Reason?
Earlier this week, e-commerce stocks generally rose sharply, and Shopify ( NYSE:SHOP ) wasn’t an exception. For example, investors were more optimistic about the economy on Thursday, sending stocks up over 15%, since Wall Street no longer expects a recession to materialize in the coming months.
A change in investor opinion about the economy tends to have a more pronounced effect on Shopify stock price. After all, it will depend on consumer spending habits. A steady sales climate might imply a speedy recovery to profitability.
A change in mood may be seen in the roughly 4% drop in the Nasdaq index on Friday, which includes many growth-focused technology businesses. On such a bad day for business, it shouldn’t be a shock that Shopify ( NYSE:SHOP ) also suffers heavy losses.
What Should You Do Now?
Shopify’s long-term prospects are bright because of the company’s leadership in the e-commerce space. However, a surprising decrease in demand makes it evident that the corporation is entering a pe...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Subscribe to us on Youtube
PressReach Disclaimer .