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Why Shopify Stock Slumped 15% This Week

Why Shopify Stock Slumped 15% This Week

Growth stock summer could finally be over. Shares of well-loved e-commerce platform Shopify (NYSE: SHOP) sunk 15% this week as investors sold off growth stocks after the Federal Reserve remained hawkish on interest rates. Investors might also be getting increasingly pessimistic due to competitive pressures from e-commerce giant Amazon and its encroachment on Shopify's market.