E-commerce stocks took off on Tuesday after a combination of factors brought buyers back into some beat-up names.
The acquisition of Poshmark raised the prospect that M&A premiums could be applied to other e-commerce players, while weak JOLTS data created some risk-on trading on hopes that central bank hawkishness will peak soon. Highly-shorted e-commerce stocks and some former meme names were among those with solid rallies.
Notable gainers included Farfetch (FTCH) +11.98%, Coupang (CPNG) +11.01%, Carvana (CVNA) +9.41%, NewEGg (NEGG) +7.37%, Overstock.com (OSTK) +6.78%, Expedia (EXPE) +7.39%, Qurate Retail (QRTEP) +7.55%, MercadoLibre (MELI) +7.42%, Airbnb (ABNB) +5.55%, Fiverr International (FVRR) +5.15%, and Chewy (CHWY) +5.01%.
The biggest e-commerce stock of all, Amazon (NASDAQ:AMZN), rose 5.65% with JPMorgan pounding the table that shares look attractive.