Why Amazon, Square, PayPal, Shopify, and Other E-Commerce Stocks Fell Today
E-commerce stocks got hit hard on Monday as the market reacted to a game-changing development in the race for a COVID-19 vaccine.
As of 2:30 p.m. EST, shares of Amazon.com (NASDAQ: AMZN), Square (NYSE: SQ), PayPal (NASDAQ: PYPL), and Shopify (NYSE: SHOP) were down 3.3%, 6.1%, 7.1%, and 10.5%, respectively.
Online retail and digital payments have been some of the best-performing stocks of 2020, as investors have sought out shelter from the COVID storm. E-commerce businesses -- many of which have seen their sales soar during the coronavirus pandemic -- have provided a welcome refuge. Prior to today, shares of Amazon, PayPal, Shopify, and Square had surged 79%, 87%, 163%, and 217%, respectively, since the end of 2019.
Source Fool.com
