Shares of Shopify (NYSE: SHOP) rose as much as 15.4%, Etsy (NASDAQ: ETSY) jumped as high as 16.6%, and Coupang (NYSE: CPNG) surged as much as 27.8%, according to data provided by S&P Global Market Intelligence. There was no company-specific news pushing these stocks higher, but shares of each of these companies have cratered since late last year, so any positive news is reason enough for investors to go bargain hunting. The latest report on manufacturing, combined with the most recent jobs data, acted as a catalyst, causing investors to wade back in and buy up shares of these beaten-down e-commerce stocks.
Latin American e-commerce leader MercadoLibre (NASDAQ: MELI) is no different as it has fallen 32%. While challenges in the U.S. and Europe take a toll on the global economy, e-commerce adoption in Latin America hasn't skipped a beat. This helped MercadoLibre see expansion rates this year that U.S. e-commerce companies could only dream of, and its second-quarter revenue soared 52% to $2.6 billion.
In many ways, 2022 has been a year like no other, as investors and consumers alike have been looking for signs that the macroeconomic headwinds might eventually ease. October started off in rally mode, but a couple of new economic reports suggest relief is still a way off, sparking a wide-ranging sell-off on Wall Street. To be clear, there was nothing in the way of company-specific news driving these technology stocks lower today.