Alibaba to Stitch Fix are having a less than stellar day amid rate hike fears
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Retailers were having a rough day on Thursday amid an unexpected rise in U.S. services activity and higher oil prices leading to fears of more interest rate hikes.
And then thereâs the matter of the student loan repayments that are going into effect, taking a chunk of consumer spending cash each month that could have gone toward two-tone shoes, pink floral wrap dresses or pony rides.
Thredup (NASDAQ:TDUP), Farfetch (NYSE:FTCH), Overstock.com (NASDAQ:OSTK), Etsy (NASDAQ:ETSY), Chewy (NYSE:CHWY), Stitch Fix (NASDAQ:SFIX), Alibaba Group Holding (NYSE:BABA) and JD.com (NASDAQ:JD) were all trading lower.
The Institute for Supply Management (ISM) reported non-manufacturing PMI rose to 54.5 in August, the highest since February and up from 52.7 in July. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy.
Additionally, initial jobless claims for the week ended September 2 totaled 216K compared to the expected 229K.
The data could lead the Federal Reserve to hike interest rates further as it seeks to dampen inflation.
Meanwhile, Chinaâs exports dropped for a fourth month in a row amid weaker global demand. Exports fell 8.8% in August compared with a year earlier, while imports dropped 7.3%, the BBC reported.
The U.S. Census Bureau said this week that China's share of U.S. goods imports through July fell to the lowest level since 2006.

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