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Why Shopify Stock Was Sliding Today

Why Shopify Stock Was Sliding Today

Shares of Shopify (NYSE: SHOP) were falling today in another risk-off day for the stock market. A strong initial unemployment claims report seemed to feed the bearish sentiment, signaling that the Federal Reserve may have a ways to go in order to bring inflation under control as the economy is still running hot. As an unprofitable growth stock, Shopify is more sensitive to the macroeconomic climate than most stocks, and it also has direct exposure to consumer spending, making it different from most of the software-as-a-service (SaaS) sector.