E-commerce stocks accelerate higher amid market rally
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Internet retailers roared higher on Monday as many names rebounded sharply from oversold levels hit during Fridayâs market rout.
As nearly every stock in the S&P bounced higher in the opening hours of Mondayâs trading, e-commerce related names rose particularly strongly. The jump across the sector comes after a retesting of yearly lows for many of the spaceâs most popular names on Friday (Oct. 07).
ThredUp (TDUP) +13.5%, Amazon (NASDAQ:AMZN) +5.3%, MercadoLibre (NASDAQ:MELI) +10.53%, eBay (EBAY) +3.36%, Coupang (CPNG) +5.87%, and Etsy (ETSY) +4.94% were among notable gainers on the day. Heavily-shorted names like Wayfair (W) +12.89%, Rent the Runway (RENT) +6.42%, Revolve Group (RVLV) +6.84%, The RealReal (REAL) +6.15%, Fiverr International (FVRR) +6.14%, Stitch Fix (SFIX) +5.63%, Carvana Co. (CVNA) +7.93%, and Chewy (CHWY) +7.15% were among the strongest gainers, recouping much of the losses from Fridayâs slide.
Chinese e-commerce names like Alibaba (BABA) +4.98% and JD.com (JD) +5.45% also joined the dayâs rally, aided in part by positive comments on technology investment from Xi Jinping.