APRN - Etsy Overstock Wayfair headline big drop in e-commerce stocks as consumer sentiment shows signs of cracking

Internet retail stocks slumped again on Friday as investors chip away at valuation that still looks to high to some amid the various macroeconomic headwinds. A reading on consumer sentiment also came in below expectations today. University of Michigan Consumer Survey update: "Consumer Sentiment continued to decline due to falling inflation-adjusted incomes, recently accelerated by rising fuel prices as a result of the Russian invasion of Ukraine. The year-ahead expected inflation rate rose to its highest level since 1981, and expected gas prices posted their largest monthly upward surge in decades. Personal finances were expected to worsen in the year ahead by the largest proportion since the surveys started in the mid-1940s. Consumers held very negative prospects for the economy, with the sole exception of the job market. Consumers were slightly more likely to anticipate declines rather than increases in the national unemployment rate." Notable decliners included Etsy (ETSY -9.3%),

For further details see:

Etsy, Overstock, Wayfair headline big drop in e-commerce stocks as consumer sentiment shows signs of cracking