Chewy Inc CHWY shares are trading lower Monday alongside several other stocks in the broader consumer discretionary sector amid overall market weakness as a rise in bond yields weighs on stocks.
The U.S. 10-Year Treasury note reached new three-year highs last week before pulling back. It's moving higher again Monday, hovering around 2.86% at time of publication. The strength comes as investors continue to assess inflationary pressures.
Investors are also preparing to assess the financial impact stemming from the Russia-Ukraine conflict as a large number of companies are set to report earnings this week.
Chewy is the largest e-commerce pet care retailer in the U.S.
See Also: What's Going On With Etsy Shares?
CHWY 52-Week Range: $35.59 - $97.74
According to data from Benzinga Pro, the stock was down 0.8% at $39.61 at time of publication.
Photo: rzierik from Pixabay.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.