Why Shopify Gave Up Yesterday's Gains Today

Shares of the e-commerce platform company Shopify (NYSE: SHOP) were plunging today just one day after its share price soared by double digits. Today's drop was caused by ongoing fears about high inflation and upcoming Federal Reserve interest rate hikes.

As a result, the tech-heavy Nasdaq Composite had slid 2.5% and Shopify's stock had tumbled 10.8% as of 2:44 p.m. ET.

Shopify's share price soared more than 10% yesterday as some technology stocks were rebounding and as some investors bet on e-commerce companies in light of poor financial performance from brick-and-mortar companies earlier in the week.

Source Fool.com