Why Wayfair Stock Jumped 24% in July
Wayfair (NYSE: W) investors trounced a soaring market last month. Shares jumped 24% in July, according to data provided by S&P Global Market Intelligence, compared to a 9.1% surge in the S&P 500. That rally only erased a small portion of the losses that shareholders in the e-commerce giant have seen so far in 2022. Wayfair stock remains down 70% this year, compared to a 14% decline in the wider market.
Wayfair's July spike was powered by a rebound in some of the hardest hit tech stocks on the market. But it will be tested soon, with fiscal second-quarter earnings results due out in just a few days.
The main factor driving Wayfair's stock higher was a surge in the tech-heavy Nasdaq index, which soared 12% higher in July. A few companies whose stocks have been battered, like Netflix, announced surprisingly strong earnings results that suggested the wider 2022 growth-stock sell-off may have gone too far.
Source Fool.com
