Kate Gulliver 1.5 1 idea

Wayfair (W) stock is down ~16% after active customers missed expectations. The CFO noted the furniture/big-ticket category is down and buyers remain "unmotivated." High interest rates and a frozen housing market continue to crush demand for large home goods. The "active customer" metric is a lagging indicator, suggesting the pain is not yet over. SHORT. The consumer is avoiding expensive, interest-rate-sensitive purchases. Interest rates are cut aggressively, spurring housing turnover and furniture buying.