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

Shares of Inc.

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

fell 30.7% and the S&P 500

fell 19.6%.


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