Why E-Commerce Stocks Amazon, Carvana, and Global-e Online Sold Off Friday Morning
A broad cross-section of stocks tumbled on Friday, as market watchers focused on the deteriorating macroeconomic conditions and whether moves by the Federal Reserve Bank to tame inflation could potentially push the country into a recession.
With that as a backdrop, e-commerce pioneer Amazon (NASDAQ: AMZN) was down as much as 4.2% on Friday morning, online used car retailer Carvana (NYSE: CVNA) was off by as much as 6.4%, and cross-border sales facilitator Global-e Online (NASDAQ: GLBE) slipped as much as 8.4%. As of 2:36 p.m. ET, they were still trading lower, down 4.1%, 5.9%, and 8%, respectively. These stocks followed the broader market lower, as the S&P 500 gave up 2.7%, while the Nasdaq Composite declined 2.8%.
There was very little in the way of company-specific news fueling the sell-offs, but investors were no doubt digesting the latest read on the economy and didn't like what they saw.
Source Fool.com
