MELI - Wayfair Farfetch and Etsy lead rally in online retail stocks with investors recharged

2023-03-23 11:51:00 ET

Online retail stocks rallied on Thursday amid a broad move higher in the stock market tied to investor expectations that the Federal Reserve will stop raising interest rates after the next FOMC meeting. A solid rotation back into tech and e-commerce stocks has included many beat-up stocks names from the retail sector.

Gainers included Sea Limited ( SE ) +9.05% , which also got a boost from a Bernstein upgrade. Other movers included Rent the Runway ( RENT ) +9.60% , Farfetch ( FTCH ) +8.60% , Wayfair ( W ) +7.15% , JD.com ( JD ) +5.75% , Global-E Online ( GLBE ) +5.59% , Stitch Fix ( SFIX ) +4.59% , Solo Brands ( DTC ) +4.46% , Etsy ( ETSY ) +3.99% , Coupang ( CPNG ) +3.63% , MercadoLibre ( MELI ) +3.48% , Shopify ( SHOP ) +3.37% , Newegg Commerce ( NEGG ) +3.33% , and Peloton Interactive ( PTON ) +3.19% . Some of those stocks are still down on a year-to-date basis.

Also of note, investors bid up Boxed ( BOXD ) 42.15% as bets on a buyout vs. a bankruptcy continue to swing the stock wildly.

Amazon ( AMZN ) rose 1.78% , but trailed the return of the Nasdaq 100 as of 11:45 a.m.

The rally in online retail stocks is passing Chewy ( CHWY ), with the stock down 8.20% following cautious guidance from the pet products supplier.

Read more about the broad market rally on Thursday.

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