Amazon stock just had its worst week since 2018


In this article

Amazon CEO Andy Jassy
F. Carter Smith | Bloomberg | Getty Images

Amazon stock slid on Friday morning, bringing it down more than 8% for the week, as a broader market sell-off pressured technology stocks.

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.

WATCH: Investors need to take a breath, next week will bring strong earnings: Evercore’s Emanuel

Articles You May Like

‘I’m smiling’: Ret. Lt. Gen. Hertling reacts to Putin news
Russia’s neighbor has extensive network of bunkers with impressive amenities
CNN Talk Asia Gong Yoo Trailer
See what makes Sweden one of the top-ranked air forces
‘I do not have an explanation’: Pentagon official shows video of unidentified object