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Internet retail stocks started off the trading week with gains on hopes that energy prices will fall further from their recent highs and consumer spending can hold up even as recession talk ratchets up.
Chewy (NYSE:CHWY) led the way with a 9.44% gain in early Tuesday trading. An upgrade from Wedbush Securities on CHWY to an Outperform rating from Neutral provided an extra boost.
Other e-commerce gainers include Carvana (CVNA) +8.94%, Global-E Online (GLBE) +7.57%, Poshmark (POSH) +5.55%, Blue Apron (APRN) +5.02%, MercadoLibre (MELI) +5.00%, Farfetch (FTCH) +4.25%, and Coupang (CPNG) +4.00%.
Amazon (AMZN) also outperformed the broad market with a 3.62% early move higher.