Amazon stock slumps toward a 2-year low, has wiped out $400 billion in market cap since Q1 results

amazon-stock-slumps-toward-a-2-year-low,-has-wiped-out-$400-billion-in-market-cap-since-q1-results

Shares of Amazon.com Inc. AMZN, -3.20% slumped 3.3% in afternoon trading Wednesday, putting them on track to close at a more-than two-year low. The ecommerce and cloud services behemoth’s stock, which is headed for the lowest close since April 9, 2020, has now tumbled 27.2% since first-quarter result were reported after the April 28 close, wiping out about $400.05 billion in market capitalization since then. Year to date, Amazon’s stock has now plunged 36.9%, while the SPDR Consumer Discretionary Select Sector ETF XLY, -3.58% has dropped 28.3% and the S&P 500 AMZN, -3.20% has shed 17.0%.

Source: Marketwatch

Related Posts