Why Did Shopify Stock Rise 12% Last Month?
Shares of (NYSE: SHOP) climbed 11.7% in June, according to data provided by S&P Global Market Intelligence. Positive economic data for the e-commerce industry had investors bullish early in the month, but that momentum stalled after the Federal Reserve announced its decision to maintain interest rates.
May's economic indicators were reported in June, and retail sales are an important metric for Shopify investors. Retail sales increased 0.2% from April, bringing full-year growth to 2%. That was slightly slower than expected, and it represents contraction if you consider the 3.3% increase in consumer prices, according to CPI data. Consumers continue to struggle with inflation, high borrowing costs, and a weakening job market. Conditions are tough for retailers right now.
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Source Fool.com
Shopify Inc Stock
Our community is currently high on Shopify Inc with 5 Buy predictions and 1 Sell predictions.
With a target price of 75 € there is a slightly positive potential of 10.25% for Shopify Inc compared to the current price of 68.03 €.
