Amazon, e-commerce stocks jump in post-CPI relief rally

Darren415

Amazon (NASDAQ:AMZN) shares marked their largest percentage leap since July shortly after the market open on Thursday as a cooler than anticipated CPI print promoted strong gains for growth stocks.

The over 10% jump for shares of the Seattle-based tech giant, if it holds into the close, would be the first double-digit gain for the name since July 29 after it posted better-than-feared earnings. Major tech peers moved in tandem with Amazon as a risk-on mood emanates through the market, while e-commerce players were pulled upward alongside the sector leader as well.

Wayfair (W), The RealReal (REAL), Coupang (CPNG), Stitch Fix (SFIX), Carvana (CVNA), and CarParts.com (PRTS) each rose over 20% in the opening hour of trading on Thursday. Meanwhile, Chewy (CHWY), Revolve (RVLV), ContextLogic (WISH), Overstock (OSTK), Shopify (SHOP), Solo Brands (DTC), Farfetch (FTCH), Jumia Technologies (JMIA), Etsy (ETSY), and Blue Apron (APRN) all drove over 10% higher. Finally, eBay (EBAY) +7.42%, Rent the Runway (RENT) +9.72%, and MercadoLibre (MELI) +6.72% rounded out some notable gains on the banner day for internet retail.

Read more on the rally across the space’s most-shorted names at the close of October.