Why Farfetch Limited, DoorDash, and The Beauty Health Company Soared Today
Shares of Farfetch Limited (NYSE: FTCH), DoorDash (NYSE: DASH), and The Beauty Health Company (NASDAQ: SKIN) rocketed higher on Wednesday, rising 9.2%, 10.3%, and 9.4%, respectively.
What do a luxury goods website, a food delivery app, and a high-tech facial beauty company all have in common? They are discretionary purchases people make when they have more money to spend, with DoorDash a time-saving luxury, as opposed to picking up your own food or making it at home.
Consumer luxuries have been under pressure, as U.S. consumers have been navigating 40-year-high inflation coming out of the pandemic. These stocks also doubly suffered based on recent fears the Federal Reserve would have to force the economy into a nasty recession in order to slay rising prices for good.
Source Fool.com
