Shopify (SHOP) saw its stock price plummet 6.36% in Sunday's trading session, continuing a downward trend that has plagued the e-commerce giant in recent days. This latest decline comes on the heels of a significant 20% drop last week, as the tech-heavy Nasdaq index entered bear market territory due to 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 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 current market uncertainty may challenge these forecasts. Despite the recent decline, Shopify's share price remains below the consensus price target of $134.54, suggesting potential upside of 18.4% from current levels. Investors are advised to closely monitor market conditions and their potential impact on Shopify's future performance as the situation continues to evolve.