OTTAWA, Canada — Shopify Inc. fell for an eighth consecutive day, its longest streak of declines ever, amid a broader slump in tech stocks. Shares fell as much as 8.4 percent, the most since June.
It’s not enough to knock the e-commerce company from its perch near the top of Canada’s S&P/TSX Composite Index, where it’s currently the fifth-best performer year-to-date. However, the ongoing investor rotation from growth to value doesn’t appear to be losing steam, which means further declines could be in store for Shopify.
The S&P/TSX Composite Information Technology Index has fallen 8.6 percent so far in September, making it the worst-performing sector on Canada’s stock benchmark. Energy is the biggest gainer, up 6.6 percent, followed by a 6 percent gain in financials. That sector got a boost Tuesday after Bank of Nova Scotia was upgraded to buy at Bank of America.
The S&P 500 Software Index fell as much as 1.7 percent Tuesday, poised for its biggest drop in about a month, while the FAANG stocks lost some $56 billion in value after US President Donald Trump made negative remarks to the United Nations General Assembly about the growing power of social media platforms.
By Kristine Owram; editors: Brad Olesen, Steven Fromm and Catherine Larkin.