Online retail stocks slide after Shopify warns pandemic benefits are fading
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Shopify (SHOP
-18.2%) rattled the e-commerce sector on Wednesday with a warning issued alongside its earnings report of a more measured macro environment due to the absence of government stimulus and some consumer caution on inflation.
Notable decliners included Etsy (ETSY
-6.4%), eBay (EBAY
-4.0%), Chewy (CHWY
-9.0%), Solo Brands (DTC
-7.4%), Fiverr International (FVRR
-10.8%), ThredUp (TDUP
-4.6%), Farfetch (FTCH
-5.8%), Carvana (CVNA
-4.4%), Poshmark (POSH
-3.2%), MercadoLibre (MELI
-5.7%) and Wayfair (W
-9.8%). Many of those retailers are due to post earnings of their own over the next few weeks.
The selling pressure is not impacting Amazon (AMZN
+0.3%), which is outperforming on the day.
Shopify (NYSE:SHOP) slumped to a 52-week low of $720.00 before recovering a bit. So far, Wall Street bulls have dug in and defended the potential for SHOP to recover sharply in the second half of the year.
Dig into the Shopify earnings report.