Why Shopify Stock Plunged Today

Shares of Shopify (NYSE: SHOP) fell more than 10% on Thursday, as investors grew increasingly fearful that the COVID-19 coronavirus pandemic would stifle consumer spending around the world.

Financial markets in the U.S. and around the world plummeted after the COVID-19 outbreak worsened in Italy and many other countries. Promises of tax cuts by politicians and stimulus measures by central banks failed to assuage investors' concerns that the disease outbreak would drive the global economy into a severe downturn.

Shopify's stock fell sharply amid this frightening backdrop, along with many other stocks.

Source Fool.com