What's Going On With Amazon Stock?
Amazon.com Inc (NASDAQ:AMZN) shares are trading slightly higher Thursday, but have fallen by about 9% over the last week.
Mega-cap tech stocks have taken a beating since the Federal Reserve raised rates by 50 basis points last Wednesday, its first rate hike of at least half a percentage point in more than 20 years. Stocks surged following the announcement, but pulled back significantly the following day.
In just three trading days following the rate hike, Amazon's market cap declined by about $175 billion. The stock has continued to trend lower this week following higher-than-expected U.S. inflation data, although it's trying to bounce back today.
The consumer price index increased 8.3% in April from the prior year, which was lower than the 8.5% increase in March. However, the number came in above the Dow Jones estimate of 8.1%. Although the CPI number was lower than it was in March, 8.3% inflation is still near the highest levels in 40 years.
AMZN 52-Week Range: $2,088.57 - $3,773.07
According to data from Benzinga Pro, the stock was up 0.82% at $2,124.01 at press time.
Photo: courtesy of Amazon.