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Why Etsy Sank Today
['Billy Duberstein']
The Motley Fool
A bad consumer sentiment reading negated yesterday's positive artificial intelligence (AI)-related news.
Shares of homemade goods-related e-commerce site Etsy (ETSY -10.70%) sank 12.3% on Monday as of 1:44 p.m.
Etsy's enthusiasm is curbedYesterday, Etsy surged about 16% when OpenAI announced a new capability for users to check out items on Etsy without leaving the ChatGPT app.
Etsy was the first OpenAI partner to announce the feature, but Shopify (SHOP -0.22%) is apparently lined up as a second partner in the near future.
Also acting as a headwind, The Conference Board released the September consumer sentiment reading today, which showed a 94.2 reading, down 3.6 points from last month and below the expected 96.0.