Why Shopify Shares Are Diving Today

Shopify Inc SHOP shares are trading lower by 10.28% at $351.15. Stocks have been highly volatile following the Federal Reserve’s recent 50 basis point rate hike, which has weighed on the Nasdaq heavily.

Shopify is also trading lower by 33.11% over the trailing month as investors digest the latest U.S. inflation data, which came in higher-than-expected. Anticipation of further Fed policy tightening has also continued to weigh on stocks across sectors.

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Shopify offers an e-commerce platform primarily to small and midsize businesses.

According to data from Benzinga Pro, Shopify has a 52-week high of $1,762.92 and a 52-week low of $308.06.