Why E-Commerce Stocks Chewy, Etsy, and Carvana Rallied Today
Shares of e-commerce stocks like Chewy (NYSE: CHWY), Etsy (NASDAQ: ETSY), and Carvana (NYSE: CVNA) rose Monday, propelled by a combination of bullish macroeconomic news and strong gains from some of their peers. Chewy closed the session up by 5.1%, Etsy finished the day 5.5% higher, and Carvana gained 10.3%. The rally seemed to be fueled in part by an article published by The Wall Street Journal that said that Federal Reserve officials are set to slow their pace of interest rate hikes for the second time in a row at next week's meeting, and will raise the federal funds rate by 25 basis points (0.25 percentage points).