Why Amazon Stock Popped While PDD Holdings Flopped Today

It was a tale of two big etailers on the stock exchange Monday. Sturdy American sector giant Amazon (NASDAQ: AMZN) ended the day up more than 2% in price, while Chinese discount goods retailer PDD Holdings (NASDAQ: PDD) slid by nearly 1%. The bellwether S&P 500 index, meanwhile, improved by slightly more than 1%.Much of this stemmed from a new analysis on PDD from Bank of America. The lender concluded that the growth of Temu, PDD's once-white-hot online retail brand in the U.S., is beginning to slow. The bank cited data from Bloomberg indicating that Temu's sales rose by 37% year over year in August. While such a figure would be the envy of many retailers, whether online or brick-and-mortar, it compares unfavorably to the 45% posted in July. It's also down considerably from the 99% of the second quarter of calendar 2023. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool