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Shopify (SHOP -18.2%) rattled the e-commerce sector on Wednesday with a warning issued alongside its earnings report of a more measured macro environment due to the absence of government stimulus and some consumer caution on inflation.
Notable decliners included Etsy (ETSY -6.4%), eBay (EBAY -4.0%), Chewy (CHWY -9.0%), Solo Brands (DTC -7.4%), Fiverr International (FVRR -10.8%), ThredUp (TDUP -4.6%), Farfetch (FTCH -5.8%), Carvana (CVNA -4.4%), Poshmark (POSH -3.2%), MercadoLibre (MELI -5.7%) and Wayfair (W -9.8%). Many of those retailers are due to post earnings of their own over the next few weeks.
The selling pressure is not impacting Amazon (AMZN +0.3%), which is outperforming on the day.
Shopify (NYSE:SHOP) slumped to a 52-week low of $720.00 before recovering a bit. So far, Wall Street bulls have dug in and defended the potential for SHOP to recover sharply in the second half of the year.