Chewy Inc (NYSE:CHWY) shares are trading lower Monday alongside several other stocks in the broader consumer discretionary sector amid overall market weakness as a rise in bond yields weighs on stocks.
The U.S. 10-Year Treasury note reached new three-year highs last week before pulling back. It's moving higher again Monday, hovering around 2.86% at time of publication. The strength comes as investors continue to assess inflationary pressures.
