Why E-Commerce Stocks Wayfair, Farfetch, and Global-E Online Were Down Today
E-commerce stocks were getting hit hard as the broad market resumed its sell-off after a brief respite today.
Investors still seemed spooked after Federal Reserve Chairman Jerome Powell essentially told Wall Street that the central bank would continue to raise interest rates until inflation was brought to heel even if it meant rising unemployment and a recession.
This morning, initial unemployment claims came in lower than expected, showing the job market remains strong. Just 193,000 Americans filed for first-time unemployment last year, the lowest total since April. That data point is likely to encourage more interest rate hikes.
Source Fool.com
