Tapestry shares tumble 12.30% in grim market session
Updated
Updated · MarketWatch · May 7
Tapestry shares tumble 12.30% in grim market session
13 articles · Updated · MarketWatch · May 7
The stock closed at $130.52 as the S&P 500 fell 0.38% to 7,337.11 and the Dow dropped 0.63% to 49,596.97.
The decline ended a two-day winning streak, left Tapestry 19.42% below its February 26 52-week high of $161.97, and came with heavy trading volume of 6.4 million shares.
Earlier in the day, investors had already pushed the stock down despite strong earnings, suggesting lofty expectations and rich luxury-sector valuations amplified the sell-off beyond the broader market weakness.
After record earnings and a Gen Z customer boom, why did Tapestry’s stock just have its worst day this year?
Gen Z wants authenticity, not 'empty luxury'. Can Tapestry's accessible brands survive this fundamental market shift?