Shopify Inc. (NYSE:SHOP) shares are trading lower Wednesday amid overall market weakness after Fitch downgraded the US sovereign credit grade.
What To Know: The downgrade has weighed on risk sentiment and has driven a sell-off in growth sectors such as tech. Furthermore, the economic risk associated with such a downgrade could create a challenging environment for companies to grow in the future.
Shopify is set to report second-quarter earnings after the close of the market. The company is expected to report earnings of six cents per share and revenue of $1.62 billion.
On Wednesday, SHOP stock experienced above-average trading volume of 16.57 million shares compared to its average volume of 14.94 million.
Related Link: What’s Going On With Microsoft Shares
SHOP Price Action: Shares of SHOP were down 7.00% at $62.73 at the time of publication, according to Benzinga Pro.
Image by Tumisu from Pixabay
