Amazon.com Inc ( NASDAQ:AMZN )
After estimating holiday-quarter sales below Wall Street projections, shares of Amazon.com Inc ( NASDAQ:AMZN ) fell by around 13% in premarket trade. The online retailer came close to losing its membership in the trillion-dollar business club. Due to a sell-off in the tech shares, Amazon stock declined this morning.
Stocks of companies, including Microsoft Corp., Alphabet Inc. ( NASDAQ:GOOGL ), and Meta Platforms Inc., fell this week as investors dumped technology companies on worries of a recession ( NASDAQ:MSFT ).
Amazon stock was trading at $96.77, down 12.8%, their lowest level since March 2020.
Despite the gloomy forecasts from other Big Tech companies, Apple Inc ( NASDAQ:AAPL ) shone through with guidance for sales growth of under 8% in the Christmas period.
In the last 12 months, when inflation has skyrocketed, prompting the U.S. Federal Reserve to implement a series of jumbo-sized rate rises that have hurt markets, many look to the mega-cap businesses as bellwethers for the health of corporate America.
Experts are concerned that macroeconomic issues, such as a strong currency, will continue to hurt Amazon in the short term. Still,...
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