Why Shopify Shares Are Sliding

Shares of several companies in the broader technology sector, including Shopify Inc SHOP, are trading lower amid overall market weakness as growing COVID-19 concerns and omicron variant uncertainty weigh on market sentiment.

The COVID-19 omicron variant has now been detected in at least 45 U.S. states and nearly 80% of ICU beds are full across the country.

The U.S. is now reportedly averaging about 130,000 new COVID-19 cases each day, representing about a 10% increase compared to last week. 

Health officials have warned that the surge in COVID-19 cases could continue as people begin traveling for the holidays due to the omicron variant's heightened transmissibility.

See Also: Why Moderna Shares Are Rising Today

Shopify operates an e-commerce platform, primarily for small and midsize businesses.

SHOP Price Action: Shopify has traded as high as $1,762 and as low as $1,005 over a 52-week period.

The stock was down 3.11% at $1,282.74 at time of publication.

Photo: Open Grid Scheduler from Flickr.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!