Etsy, Inc.Record Prime Day sales and strong online sales growth indicate robust consumer demand for Etsy's platform.
Shares of Etsy, ACV Auctions, and EverQuote surged in afternoon trading after record Prime Day sales and falling Treasury yields boosted sentiment for digital platforms. U.S. online sales hit $8.3 billion, up 5.3% year-over-year, signaling robust consumer demand that supports advertising spending on platforms like Google and Meta. The 10-year Treasury yield fell below 4.5%, lowering the discount rate on future cash flows and lifting valuations for consumer internet companies. Etsy jumped 4.6%, ACV Auctions rose 2.7%, and EverQuote gained 4.5%, with Etsy reaching a new 52-week high of $78.22 per share.
Etsy, Inc.Record Prime Day sales and strong online sales growth indicate robust consumer demand for Etsy's platform.
ACV Auctions Inc.Record Prime Day sales signal robust consumer demand, boosting sentiment for ACV Auctions' digital marketplace.
EverQuote Inc Class ARecord Prime Day sales signal robust consumer demand, supporting advertising spending on EverQuote's platform.
Alphabet Inc Class CRecord Prime Day sales and strong online sales growth support advertising spending on Google's platform.
Meta Platforms Inc.Record Prime Day sales and strong online sales growth support advertising spending on Meta's platform.