Shares of Zoom Video Communications (NASDAQ: ZM), Wix.com (NASDAQ: WIX), and Shopify (NYSE: SHOP) fell 10%, 8.7%, and 5.5%, respectively, on Thursday amid a broad-based decline in the financial markets.
Zoom, Wix, and Shopify have seen their stock prices soar in 2020, as investors have sought out businesses that are holding up well during the coronavirus pandemic. While countless companies have struggled during the crisis, demand for Zoom's videoconferencing software and Shopify and Wix's e-commerce tools has boomed. Investors, in turn, have responded to their surging sales growth by bidding up their share prices.
After soaring in recent months, many growth stocks surrendered a sizable portion of their gains on Thursday. Image source: Getty Images.