Why Shopify Stock Is Trading Lower Today
Portfolio Pulse from Ryan Gustafson
Shopify Inc. (NYSE:SHOP) shares are trading lower due to concerns over further Federal Reserve rate hikes. The wider tech sector is experiencing a downturn, which could negatively impact growth stocks. Despite this, Shopify's stock has seen a 75% increase since the start of the year, with a major boost coming from a surprise profit in May.
July 06, 2023 | 7:58 pm
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Shopify's stock is trading lower due to concerns over further Fed rate hikes. Despite the downturn in the tech sector, the company's stock has increased by 75% since the start of the year.
The potential for further Federal Reserve rate hikes has led to a downturn in the tech sector, impacting growth stocks like Shopify. Despite this, Shopify's stock has seen significant growth this year, largely due to a surprise profit reported in May.
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