Shares of the e-commerce platform company Shopify (NYSE: SHOP) were sliding today, on seemingly no company-specific news. Instead, investors were likely continuing to fear that high inflation and interest rate hikes by the Federal Reserve could slow down the economy. Investors have grown increasingly concerned that the Fed won't be able to pull off a so-called soft landing for the economy as it raises the federal funds rate to tamp down inflation, which is running at a nearly 40-year high.
Here's why these two growth stocks could be worth considering now, despite their recent falls in stock price. Despite being one of the most influential and powerful companies in the world, Amazon stock is now nearly 12% lower today than it was two years ago and is down over 42% from its all-time high. Amazon is facing slower growth, inconsistent cash flow, and questionable profitability as it stays true to its old strategy of reinvesting in its business as much as possible.
Investors have herded to value stocks and safer assets of late in response to rising interest rates, historically high inflation levels, and fears connected to the war between Russia and Ukraine. The market may continue to face downward pressure for the foreseeable future; however, that doesn't mean we should postpone buying stocks for the time being. Let's examine three promising growth stocks today that could generate fortunes for investors down the road.