One of the hardest-hit tech stocks this year has been e-commerce company Shopify (NYSE: SHOP). Down an incredible 70%, the company's drop has made the Nasdaq Composite's 28% decline this year look tame. A troubling outlook for the economy and a slowing growth rate are the key reasons investors have been bearish on the tech stock in 2022.
(Bloomberg) -- The curse of Canadian mega-cap technology stocks hit Shopify Inc. this year, and analysts see little relief ahead for the e-commerce company’s shareholders. Most Read from BloombergTrump Companies Are Convicted in NY Criminal Tax Fraud Trial‘Huge, Missing and Growing:’ $65 Trillion in Dollar Debt Sparks ConcernChina Eases Curbs in Major Shift From Covid Zero PolicyApple Scales Back Self-Driving Car and Delays Debut Until 2026World Economy Heads for One of Its Worst Years in Three
A broad cross-section of stocks tumbled again on Tuesday as market watchers focused on the Federal Reserve Bank's ongoing battle against inflation. Over the past several days, a couple of strong economic reports have increased concerns about the trajectory of an already overheated economy. With that as a backdrop, shares of Amazon (NASDAQ: AMZN) fell 2%, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) tumbled 2.4%, and Shopify (NYSE: SHOP) had slumped 4% as of 12:19 p.m. ET.