Amazon stock slid on Friday morning, bringing it down more than 8% for the week, as a broader market sell-off pressured technology stocks, APA reports citing CNBC.
If it remains down more than 8%, it would mark Amazon’s worst one-week performance in six months, since July 30, 2021, when shares fell 9%.
Markets dropped Friday as investors grappled with the prospect of higher interest rates and mixed company earnings reports.
The tech-heavy Nasdaq Composite slumped 0.5%, and the S&P 500 declined 0.1%. The Dow Jones Industrial Average was up 0.1%, after falling by 0.5% at the open.
Investors are increasingly nervous the Federal Reserve will have to raise interest rates several times this year to tackle high inflation. Adding to investors’ nerves, Netflix on Thursday reported disappointing subscriber outlook, which sent its shares plunging 24% on Friday.
Netflix is the first major technology stock to post earnings this season. Apple, Microsoft and Tesla are slated to report financial results next week.
Amazon is scheduled to report results for the fourth quarter on Feb. 3.