Why Chewy Stock Was Down on Tuesday
Chewy (NYSE: CHWY) shareholders were in the red on Tuesday as the stock shed 3% by 3 p.m. ET, compared to a 0.5% decline in the S&P 500. That downtick added to a tough year for owners of the pet supply e-commerce retailer, which saw its stock go down 35% so far in 2022
Tuesday's downtick appeared to be sparked by general bearishness around growth stocks and tech specialists, in particular.
The main pressure pulling Chewy's shares lower was a falling Nasdaq Index, which shed 1.4% by 3 p.m. ET. Many tech giants were down by 2% or more by then, including Amazon. Chewy's stock tends to fall along with the broader tech market, due to its position as an e-commerce specialist.
Source Fool.com
