Consumer spending plunged by a record 16.4% in April, but one category saw a bounce: nonstore retailers. Included in this category, which saw an 8.4% month-over-month increase, is online shopping. With much of the country under shelter-in-place orders during April, consumers increasingly turned towards e-commerce giants like Amazon for their shopping needs.
As the pandemic took hold in the U.S. in March, shares of the Seattle-based company initially moved lower, but since then the stock has recovered — and then some. Amazon hit an all-time intraday high of $2,475 on April 30, and shares have gained nearly 30% this year, compared with the S&P 500’s 11.7% decline.
In the first quarter,…