Here's the Unsettling Reason Shopify Is Sinking Today
Shopify (NYSE: SHOP) stock is seeing another big sell-off in conjunction with bearish momentum for the broader market today. The e-commerce services company was down roughly 5.9% as of 1:15 p.m. ET Tuesday. Meanwhile, the S&P 500 index was down roughly 1.9%, and the Nasdaq Composite index had fallen 3.1% in the daily session.
While there doesn't appear to be any major business-specific news pushing Shopify's share price lower, investors are moving out of stocks following signs that the war between Russia and Ukraine could escalate and is coming to involve other countries more directly. Reports also emerged today that Russia has cut off gas supplies to Poland, prompting rising energy prices and new sources of economic and geopolitical uncertainty.
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Source Fool.com
