Shares of e-commerce platform Etsy (NASDAQ: ETSY) plummeted on Wednesday. Some see a connection with Texas' reopening. However, this explanation may fall flat, considering that many high-growth stocks like Etsy sold off today as well. Minutes before the market closed for the day, Etsy stock was down almost 13%.
On March 2, Texas Governor Greg Abbott removed the state's mask mandate and allowed businesses, including restaurants, to fully reopen starting on March 10. Mississippi followed Texas' lead, and it's possible more states could hop on board as well. E-commerce companies like Etsy undeniably enjoyed unprecedented adoption while brick-and-mortar retail was operating in a limited capacity. So Etsy stock is selling off today as physical retail opens back up, or so the theory goes.
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Source Fool.com