A looming recession isn't stopping the world's most successful investors from buying their favorite stocks.
Many Shopify (NYSE: SHOP) investors spent Thursday's trading session weighing two very different new analyst reports on the company. As a result its share price see-sawed quite a bit during the day, at one point dropping 5% below Wednesday's close before recovering to a slight 0.4% gain. The day didn't begin auspiciously for Shopify analyses.
Technology stocks reverted to their old ways this week and were declining as investors grew increasingly concerned that the Federal Reserve's commitment to interest rate increases could end up pushing the economy into a recession. Investors were also responding to less-than-stellar news for Salesforce news this week, and an analyst's downgrade for Shopify's stock. Investors were generally pessimistic as they considered Federal Reserve Chairman Jerome Powell's comments last week.