CHWY - Why Chewy Newegg and Sleep Number Surged Today
2023-10-17 15:57:44 ET
Shares of consumer-related stocks Chewy (NYSE: CHWY) , Newegg Commerce (NASDAQ: NEGG) , and Sleep Number (NASDAQ: SNBR) were surging in today's trading, up 5.4%, 9.1%, and 8.9%, respectively, as of 3:40 p.m. ET. At one point today, both NewEgg and Sleep Number were up over 10%.
With the Federal Reserve having raised interest rates at its fastest pace ever over the past two years, long-term interest rates climbing to their highest level in 17 years, and "at-home" spending having suffered a hangover following the pandemic, investors have largely abandoned many consumer-related stocks. And this goes doubly for consumer stocks that are discretionary , involve big-ticket items, or were in areas that boomed during the pandemic, such as houses, cars, electronics, furniture, and the like.
Today, several of these obliterated stocks are actually surging, thanks to today's hot retail sales report. But are they worth investing in on the prospects of a turnaround?
For further details see:
Why Chewy, Newegg, and Sleep Number Surged Today