Date: January 21, 2022
News Author(s): Annie Palmer
Photo Credit: F. Carter Smith | Bloomberg | Getty Images
Shares of Amazon fell 12% for the week, as a broader market sell-off pressured technology stocks.
It marks Amazon’s worst one-week performance in four years, since Dec. 21, 2018, when the shares fell 13.4%.
Markets dropped Friday as investors grappled with the prospect of higher interest rates and mixed company earnings reports.
The tech-heavy Nasdaq Composite slumped 1.9%, and the S&P 500 declined 1.3%. The Dow Jones Industrial Average slid 1.3%.
Investors are increasingly nervous the Federal Reserve will have to raise interest rates several times this year to tackle high inflation. Adding to investors’ concerns, Netflix on Thursday reported a disappointing subscriber outlook, which sent its shares plunging almost 22% on Friday.
Amazon is scheduled to report results for the fourth quarter on Feb. 3.
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