Shopify Stock on Track for Worst Day on Record

Core Insights - Shopify Inc (NYSE:SHOP) experienced a significant decline of 19.5%, reaching $62.06, following a miss in first-quarter revenue estimates and a forecast indicating a year-over-year revenue drop in the second quarter due to slowing consumer spending [1] - The stock is on track for its largest single-day percentage drop on record, falling below a critical support level of $68 - $70, which previously contained an April pullback, after facing resistance at $78 [1] - Year-to-date, Shopify's stock has decreased by over 20% in 2024 [1] Options Activity - Today's options trading shows a high volume with 99,000 calls and 68,000 puts exchanged, which is 12 times the average intraday volume [1] - The most popular option is the weekly 5/10 60-strike put, with new positions being opened [1] Market Sentiment - Short-term options traders are leaning bullish, as indicated by Shopify's Schaeffer's put/call open interest ratio (SOIR) of 0.79, which is in the low 12th percentile of readings from the past year [2]