Chewy, Inc. (NYSE:CHWY) shares traded lower on Thursday. Shares of several retail companies traded lower on overall market weakness amid a rise in Treasury yields following CPI data.
What To Know: The broader market was impacted by hot inflation figures which dragged down Chewy stock. The Consumer Price Index (CPI) rose by 3.7% year-on-year. While the rise in the CPI exceeded the expected figure of 3.6%, it mirrored that of August. The report created a risk-averse sentiment in investors on Thursday, due to concerns over continued inflation and the prospect of future rate hikes.
These macroeconomic factors could have implications on companies such as Chewy. From one perspective, consumers may spend less on the company’s goods and services due to the rising prices attributed to inflation. However, a rate hike, which attempts to curb inflation, could make activities such as borrowing more difficult for the company.
It is also worth noting that Chewy stock is trading near its all-time low.
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CHWY Price Action: Shares of CHWY were up 0.46% at $17.44 in the after-hours session at the time of publication, according to Benzinga Pro.
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