Why Stitch Fix Stock Was Down on Tuesday
Stitch Fix (NASDAQ: SFIX) stock fell considerably more sharply than the rest of the market on Tuesday: Its shares were trading down by 11% as of 3:30 p.m. ET, compared to a 3.6% slump in the S&P 500. The online apparel retailer is now down by more than 70% since the start of 2022.
Tuesday's slide specifically was sparked by pessimism about the economy and the e-commerce sector.
The U.S. Labor Department reported Tuesday that inflation remained at a stubbornly high rate in August, which will likely keep pressure on the Federal Reserve to further increase interest rates. Such moves raise the potential for a recession, and so the wider market fell.
Source Fool.com
