E-commerce stocks rally after Black Friday shoppers spend record online
Publishing timestamp: 2023-11-27 18:01:35
Summary
E-commerce stocks such as Shopify, Etsy, and Wayfair surged on strong Black Friday online sales and positive projections for Cyber Monday. Budget-conscious shoppers used buy-now-pay-later services to stretch their wallets. Online spending reached a record high, and Cyber Monday sales are expected to be the biggest online shopping day of the year. The strong showing benefited e-commerce-focused retailers, and their stocks saw significant gains. Buy-now-pay-later services also saw increased usage. New e-commerce entrants like TikTok and Temu offered heavy promotions to capitalize on holiday demand.
Sentiment: POSITIVE
Tickers: SHOP-CA, AMZN, ETSY, W, SHOP, AFRM,
Keywords: affirm holdings inc, shopify inc, technology, wayfair inc, etsy inc, internet, breaking news: technology, amazon.com inc, business news,