Benzinga | Aug 11, 2020 03:02PM EDT

Why Etsy's Stock Is Trading Lower Today

Etsy (NASDAQ:ETSY) shares are trading lower on Tuesday. The weakness is potentially related to vaccine optimism, which has benefitted retail stocks but negatively impacted e-commerce.

Russian President Vladimir Putin claimed to have given regulatory approval for a coronavirus vaccine. Although there is skepticism around whether the vaccine is safe or if it's even real, the market traded higher.

Etsy is an American retailer of handmade goods, vintage items, and crafted goods. The business model is based on sellers listing products on Etsy's platform. The product categories are clothing and accessories, jewelry, craft supplies and tools, wedding accessories and clothing.

Etsy was trading 4.56% lower at $128.58 at the time of publication. The stock has a 52-week high of $141.41 and a 52-week low of $29.95.