Shopify (SHOP) stock is experiencing a steep 9.81% pre-market plunge on Monday, exacerbating the downward trend that has plagued the e-commerce giant in recent days. This sharp decline follows a significant 20% drop last week and a 6.36% fall during Sunday's trading session, as the tech-heavy Nasdaq Composite Index enters bear market territory amid ongoing tariff turmoil and broader market volatility.

The selloff in Shopify's shares appears to be largely driven by macroeconomic factors rather than company-specific issues. New tariffs have sparked fears of a global economic slowdown, leading to a widespread retreat from tech stocks. Despite Shopify's recent addition to the NASDAQ Composite Index and promising partnerships with Contentful and Braze to expand its e-commerce capabilities, these positive developments have been overshadowed by the current market sentiment.

Analysts maintain a cautiously optimistic outlook for Shopify, with revenue growth expected from international expansion and AI investments. However, the persistent market uncertainty may challenge these forecasts. With Shopify's share price trading well below the consensus price target of $134.54, some analysts see a potential upside. Nevertheless, investors are advised to closely monitor market conditions and their potential impact on Shopify's future performance as global economic challenges continue to unfold.