Amazon.com, Inc. (NASDAQ:AMZN) shares are trading lower Tuesday morning. The move appears related to overall market weakness as a rise in yields and worse-than-expected earnings from Goldman Sachs weigh on stocks.
Shares of companies across sectors are trading lower after the 10-year US Treasury yield reached a two-year high, which has pressured valuations. The 10-year Treasury yield hit an intraday high of 1.85% Tuesday morning before dipping to around the 1.83% level. When interest rates rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.
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Amazon's stock was trading about 2.4% lower at $3,164.76 per share on Tuesday at the time of publication.
