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Why Etsy Stock Dropped on Tuesday

TheMotleyFool

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Etsy (NASDAQ: ETSY) shareholders lost ground to the market on Tuesday, with shares falling 4% by 11:15 a.m. EDT, compared to a 0.8% decline in the S&P 500. The slump added to significant short-term losses for the e-commerce platform, with shares down nearly 60% so far this year.

Tuesday's decline came as investors worried about Etsy's upcoming earnings report, slated for Wednesday afternoon.

Walmart said in an earnings update on Monday that the consumer-spending environment is getting worse right now. Inflation is pressuring consumer confidence, according to executives, leading to more price cuts. Walmart reduced its earnings outlook this week after lowering it back in May.

Source Fool.com

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