Why Etsy Stock Was Down on Tuesday
Etsy (NASDAQ: ETSY) investors lost ground to a falling market early Tuesday. The e-commerce platform stock was down 4% by 11 a.m. ET compared to a 0.8% decline in the S&P 500. That drop continued a tough period of underperformance for the stock, which is down 52% in 2022 compared to the market's 25% decline so far.
Tuesday's slump was powered by that broader market drawdown, but also by some specific worries about Etsy's upcoming earnings report.
The main factor was souring investor attitudes about global growth. The IMF lowered its 2023 forecast thanks to several major economic pressures, including inflation, a weakening U.S. economy, and the war in Ukraine. Many tech stocks declined on a day when the global growth outlook darkened.
Source Fool.com
