MELI

Moving with its e-commerce peers

• MELI +1.47% on the last session vs SPY +0.10%: +1.4 pts of stock-specific move.
• E-commerce basket +2.7% (+2.6 pts vs SPY; ETSY +8.2%, EBAY +6.2%, CPNG +2.2%, SE +1.4%): the stock moved with its peers.
• Market backdrop (Today): Core PPI m/m 1.3% vs 0.3% expected (hotter); Core Retail Sales m/m 0.9% vs 0.6% expected (stronger); S&P futures -0.08%, 10-year yield -3bp in the 30 minutes after.