Why Shopify, MercadoLibre, and Sea Limited Stocks All Slumped Before Rebounding on Wednesday
The market has already been plagued by uncertainty in 2022 and even as investors settled in for a bumpy ride, they've been on the lookout for a light at the end of the tunnel. When the latest data on inflation was released on Wednesday, it revealed the degree to which consumers were feeling the pinch, and the news wasn't good.
With that as a backdrop, shares of Shopify (NYSE: SHOP) tumbled as much as 6.5%, MercadoLibre (NASDAQ: MELI) slumped as much as 5.8%, and Sea Limited (NYSE: SE) slipped as much as 5.5%. As of 12:13 p.m. ET, the trio were still trading lower, down 0.1%, 0.6%, and 1.1%, respectively.
A report from the U.S. Bureau of Labor Statistics detailed inflationary pressures during the month of June, and it revealed what many already suspected. The Consumer Price Index (CPI), the most widely followed measure on inflation, rose 9.1% over the preceding 12 months, notching a fresh 40-year high.
Source Fool.com
