Amazon stock reverses early rally to trade lower once again, putting it at risk for 6th straight loss

Shares of Amazon.com Inc.
AMZN,
-2.33%

reversed gains early to fall into the negative territory, once again, putting them at risk for their sixth straight loss and the lowest close in 2 and a half years. Shares of the cloud and e-commerce giant jumped as much as 1.0% shortly after the opening bell, but were down 0.8% in morning trading. Shares fell 19.7% amid a 5-day losing streak through Tuesday, which is five days biggest drop in 14 years. On Tuesday, the stock was up 2.1% on the day before closing down 5.5; on Monday, it gained 1.4% before closing down 0.9%. If the stock closes lower on Wednesday, it will be the third six-day losing streak this year and will be the longest losing streak since the eight-day streak ending August 5, 2019. Amazon’s sell-off has fueled by disappointing third-quarter results and upbeat outlook released last weekand amid growing concern that persistent high inflation and rising interest rates will reduce consumer spending. Stocks are down 42.4% year-to-date year-to-date, while the SPDR consumer discretionary options ETF
XLY,
-1.15%

fell 30.7% and the S&P 500
SPX,
-0.62%

fell 19.6%.