Nike, Wayfair and Gap headline down day in retail as supply chain, interest rate fears dominate
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Online retail and apparel stocks slumped again on Wednesday amid renewed concerns over supply chain disruption in China and the impact of higher interest rates on growth names in general.
A dramatic spike higher in COVID cases in Shanghai has led to a return of the lockdown days for the metro area. The supply chain will be impacted at the factory level, as well as with trucking and shipping of products. That could all lead back to inventory problems for large e-commerce sellers, as well as impacting margins negatively.
Notable decliners included Farfetch (FTCH
-12.3%), Wayfair (W
-8.2%), Chewy (CHWY
-9.1%), Fiverr International (FVRR
-7.8%), Etsy (ETSY
-6.4%), Overstock.com (OSTK
-6.6%), MercadoLibre (MELI
-6.1%), Vince Holding (VNCE
-4.6%), Kontoor Brands (KTB
-4.6%), Nike (NKE
-4.2%), Under Armour (UAA
-3.6%), Rent the Runway (RENT
-10.3%), Poshmark (POSH
-6.2%), On Holding AG (ONON
-7.0%), Victoria's Secret (NYSE:VSCO
-5.4%), Gap (NYSE:GPS
-4.9%), Deckers Outdoor Corporation (NYSE:DECK
-5.2%) and Ralph Lauren (NYSE:RL
-4.0%).
Read the broad market update for Wednesday at mid-day: Nasdaq, S&P 500, Dow Jones fall as slowdown fears rise ahead of Fed Minutes.