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Why Wayfair Stock Tumbled 24% in October

TheMotleyFool

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Why Wayfair Stock Tumbled 24% in OctoberPhoto, wide shot, wide-angle lens, Retail store, Midday, harsh overhead sunlight, directional sunlightt, photo by Peter Lik: https://img.midjourneyapi.xyz/temp/add1012b-1b24-4eb2-aba0-77ab52c7f8ad.png

Shares of Wayfair (NYSE: W) were moving lower last month as the online home-furnishings retailer was stung by rising interest rates and a weak earnings report at the beginning of November.

Wayfair has struggled since its pandemic-era boom as Americans have sharply scaled back on home-related spending due to high interest rates and the lock-in effect of low mortgage rates during the pandemic, which has brought existing home sales to their lowest point in nearly 30 years.

Against that backdrop, Wayfair fell another 24% last October, according to data from S&P Global Market Intelligence.

Source Fool.com