Why E-Commerce Stocks Amazon, Carvana, and Global-e Online Sold Off Friday Morning

·4 min read
Why E-Commerce Stocks Amazon, Carvana, and Global-e Online Sold Off Friday Morning

A broad cross-section of stocks tumbled on Friday, as market watchers focused on the deteriorating macroeconomic conditions and whether moves by the Federal Reserve Bank to tame inflation could potentially push the country into a recession. With that as a backdrop, e-commerce pioneer Amazon (NASDAQ: AMZN) was down as much as 4.2% on Friday morning, online used car retailer Carvana (NYSE: CVNA) was off by as much as 6.4%, and cross-border sales facilitator Global-e Online (NASDAQ: GLBE) slipped as much as 8.4%. In fact, the Fed had telegraphed in recent weeks that another sizable rate hike was coming, so Wall Street already had that baked into stock prices.