(Bloomberg) -- 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%, 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% so far in September, making it the worst-performing sector on Canada's stock benchmark. Energy is the biggest gainer, up 6.6%, followed by a 6% 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% Tuesday, poised for its biggest drop in about a month, while the FAANG stocks lost some $56 billion in value after U.S. President Donald Trump made negative remarks to the United Nations General Assembly about the growing power of social media platforms.
To contact the reporter on this story: Kristine Owram in Toronto at kowram@bloomberg.net
To contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Steven Fromm, Catherine Larkin
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