Why Farfetch, Stitch Fix, and Signet Jewelers Rose This Week
Shares of high-end apparel stocks Farfetch (NYSE: FTCH), Stitch Fix (NASDAQ: SFIX), and Signet Jewelers (NYSE: SIG) rose this past week, up 11%, 10.1%, and 17.2%, respectively, through Thursday trading, according to data provided by S&P Global Market Intelligence.
There wasn't much company-specific news for these consumer discretionary stocks this week. However, some U.S. corporate earnings, specifically in bank stocks, may have allayed some fears over U.S. consumer spending. In addition, some may have taken recent Federal Reserve official comments to suggest the Fed may curtail its interest rate hikes soon.
All three of these stocks are down heavily this year, as inflation and recession fears have taken their toll. Stitch Fix and Signet in particular had significant short interest in their stocks, which may have led to a bit of short covering on the better-than-feared earnings and Fed comments.
Source Fool.com
