Now here comes a bit of bad news for the fans of the brand, which includes us: Shopify is no longer Canada’s most valuable company, following a significant pullback of the technology sector in February.
Shopify shares dropped 30 percent since their peak last month, after last year’s phenomenal run which basically quadrupled their value, thus moving the company to the top position.
After shares dropped on February 10th, Shopify stock was “downgraded” to a total value of $164.1 billion, which is still quite a lot of dough. However, in the same time, Royal Bank moved up to $165.7 billion, and the reversal signals a general market trend for the first 3 months of 2021, following a repositioning from the investors, or so we’re told.
Canada’s tech sector has been battered this year, as well as materials and gold, physical (as in real) assets so to speak, which don’t seem to be so happy with FED’s helicopter money policy coming to an end, or at least that’s one theory.
In case you’re not up to date with the news from North America, markets fell after Federal Reserve chairman Jerome Powell hinted in an interview that one day he was going to start removing monetary stimulus.
But that day is still nowhere in sight, as the Biden administration is preparing another round of “stimulus” to the tune of 2 trillion USD.