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Why Stitch Fix Stock Was Up 10% on Tuesday

TheMotleyFool

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Why Stitch Fix Stock Was Up 10% on Tuesday: https://g.foolcdn.com/editorial/images/705174/woman-using-smartphone.jpg

Stitch Fix (NASDAQ: SFIX) investors were in a good mood early Tuesday. The beaten-down e-commerce stock jumped 10% by 10:45 am ET, compared to a 2% spike in the S&P 500. That boost barely made a dent in recent losses for the apparel retailer, though. Shares remain lower by 80% so far in 2022.

The rally came as investors become less pessimistic about the economy as we kick off third-quarter earnings season.

The big banks ushered in the earnings season with generally good news that suggests consumer spending is holding up well as we head into Q4. Reports from Bank of America on Monday and Goldman Sachs on Tuesday painted a rosier picture than many investors had feared on the economy.

Source Fool.com

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