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Benzinga
Benzinga
Business
Henry Khederian

Why Amazon Shares Are Nosediving Today

Amazon.com, Inc. (NASDAQ:AMZN) shares are trading lower by 4.61% to $108.00 amid overall market weakness as well as consumer confidence concerns. UBS Tuesday maintained a Buy rating on the stock but lowered its price target from $209 to $167.

Shares of growth stocks have been volatile in the month of June amid an overall market selloff partially generated by worse-than-expected U.S. May inflation data. Inflation concerns have weighed on the economic outlook and have also raised expectations for further Fed rate hikes. A rise in treasury yields has also weighed on tech and growth stock valuations.

The all items index CPI datapoint increased 8.6 percent for the 12 months ending May, the largest 12-month increase since the period ending December 1981.

See Also: Why Endo International Stock Is Soaring Today

According to data from Benzinga Pro, Amazon has a 52-week high of $188.65 and a 52-week low of $101.26.

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