FG Trade
Online retail stocks rallied on Thursday amid a broad move higher in the stock market tied to investor expectations that the Federal Reserve will stop raising interest rates after the next FOMC meeting. A solid rotation back into tech and e-commerce stocks has included many beat-up stocks names from the retail sector.
Gainers included Sea Limited (SE) +9.05%, which also got a boost from a Bernstein upgrade. Other movers included Rent the Runway (RENT) +9.60%, Farfetch (FTCH) +8.60%, Wayfair (W) +7.15%, JD.com (JD) +5.75%, Global-E Online (GLBE) +5.59%, Stitch Fix (SFIX) +4.59%, Solo Brands (DTC) +4.46%, Etsy (ETSY) +3.99%, Coupang (CPNG) +3.63%, MercadoLibre (MELI) +3.48%, Shopify (SHOP) +3.37%, Newegg Commerce (NEGG) +3.33%, and Peloton Interactive (PTON) +3.19%. Some of those stocks are still down on a year-to-date basis.
Also of note, investors bid up Boxed (BOXD) 42.15% as bets on a buyout vs. a bankruptcy continue to swing the stock wildly.
Amazon (AMZN) rose 1.78%, but trailed the return of the Nasdaq 100 as of 11:45 a.m.
The rally in online retail stocks is passing Chewy (CHWY), with the stock down 8.20% following cautious guidance from the pet products supplier.
Read more about the broad market rally on Thursday.