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Why Shopify Gave Up Yesterday's Gains Today

·2-min read
Why Shopify Gave Up Yesterday's Gains Today
In this article:
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Shares of the e-commerce platform company Shopify (NYSE: SHOP) were plunging today just one day after its share price soared by double digits. Today's drop was caused by ongoing fears about high inflation and upcoming Federal Reserve interest rate hikes. As a result, the tech-heavy Nasdaq Composite had slid 2.5% and Shopify's stock had tumbled 10.8% as of 2:44 p.m. ET.

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