Shopify Inc (NYSE:SHOP) shares are trading lower Wednesday, alongside several names in the broader technology and software space amid a rise in yields.
The 10-Year Treasury yield was hovering around 2.94% at press time.
Shopify shares are also seeing downward pressure amid overall market weakness surrounding continued Fed uncertainty. The Federal Reserve is in the midst of what is expected to be its most aggressive tightening cycle in more than 40 years as the central bank attempts to tame runaway inflation.
JP Morgan Chase & Co (NYSE:JPM) CEO Jamie Dimon on Wednesday expressed concerns about an impending quantitative tightening storm.
"You’d better brace yourself," Dimon said, noting that he's preparing JPMorgan for an economic "hurricane."
Stocks have bounced off the lows in recent weeks as investors look for signs that inflation may be easing, but the rally reversed course following Dimon's warning.
Shopify is a provider of essential internet infrastructure for commerce, offering trusted tools to start, grow, market and manage a retail business of any size.
SHOP Price Action: Shopify shares have traded between $308.06 and $1,762.91 over a 52-week period.
The stock was down 2.89% at $364.29 at press time, according to data from Benzinga Pro.
Photo: deepak pal from Flickr.
