CPNG - Why International E-Commerce Stocks Were Soaring Today
Shares of international e-commerce stocks were soaring on Tuesday, with Latin American leader MercadoLibre (NASDAQ: MELI) , Korean e-commerce leader Coupang (NYSE: CPNG) , and European luxury goods e-commerce platform Farfetch (NYSE: FTCH) all up big today, rising 5.4%, 9.5%, and 9.7%, respectively, as of 1:25 p.m. ET.
It was a good day for beaten-down e-commerce stocks, as some leading indicators of inflation were down. Long-term bond yields also declined, which is good for growth stocks, and the dollar weakened against a basket of currencies, which helps the value of international stocks to U.S. investors. Combined with e-commerce stocks having been severely punished this year, it's no wonder these names are seeing a big overdue bounce.
In addition, another different U.S. e-commerce stock, Poshmark (NASDAQ: POSH) , received an acquisition offer yesterday from South Korean tech giant Naver. It's always nice to have someone else validate a positive outlook on your sector, so that could be another factor driving e-commerce stock gains today.
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Why International E-Commerce Stocks Were Soaring Today