Amazon’s stock has lost virtually all of its recent gains.
On Tuesday, the stock finished at $2,177.18, up.06 percent. Amazon last traded around these values on Feb. 20, 2020, hitting an intraday high of $2,176.79. Prior to March 2020, when the market was spooked by pandemic fears in the US. It’s down from the company’s 52-week intraday high of $3,773.08 on July 13, 2021.
During the epidemic, buyers flocked to online shops buying everything from face masks and Lysol wipes to patio furniture and dumbbells, driving up the company’s stock in 2020 and 2021. As the economy improves and people return to physical stores, Amazon and other digital retailers will be under increasing pressure to maintain their rapid growth during the crisis.
Amazon’s last earnings report did not help. For the current quarter, the company’s guidance fell short of Wall Street’s expectations.
Market shifts have created another hurdle. Rising inflation and the threat of increased interest rates prompted investors to exit tech companies at the end of last year. After Russia invaded Ukraine in February, oil prices soared. Stocks have fallen more since the Fed hiked its benchmark interest rate on Wednesday.
Between Thursday and Monday, tech titans lost over $1 trillion in value.
