Shares of Shopify (NYSE: SHOP) were falling today in another risk-off day for the stock market. Though there was no direct news out on the e-commerce software company, stocks tumbled broadly this morning as yesterday's relief rally on the Bank of England's decision to buy bonds to shore up the British pound gave way to more selling today.

A strong initial unemployment claims report seemed to feed the bearish sentiment, signaling that the Federal Reserve may have a ways to go in order to bring inflation under control as the economy is still running hot.

As an unprofitable growth stock, Shopify is more sensitive to the macroeconomic climate than most stocks, and it also has direct exposure to consumer spending, making it different from most of the software-as-a-service (SaaS) sector.

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Source Fool.com