Shopify (NYSE: SHOP) stock was among the big losers of the session on Thursday. Shares of the e-commerce software company fell in response to the Federal Reserve's 75-basis-point hike to the benchmark federal funds rate Wednesday, as well as commentary about future interest rate hikes. Like most e-commerce stocks, Shopify has been hit hard this year, both due to investors' intensifying concerns that a recession is coming and the difficult growth comparisons it faces against 2021, when COVID-19 was still causing large numbers of consumers to avoid brick-and-mortar retailers. Read More...
Growth and technology stocks are leading the market lower today, but early-stage electric vehicle (EV) stocks are tanking even more. The Nasdaq Composite Index moved down by more than 1.2% as of 2:55 p.m. ET, but EV start-ups Rivian Automotive (NASDAQ: RIVN), Lucid Group (NASDAQ: LCID), and Nikola (NASDAQ: NKLA) were faring much worse. At that time, Rivian, Lucid, and Nikola had dropped 4.6%, 8.6%, and 9%, respectively.