Amazon shares dropped for a fifth straight day on Tuesday, as investors continued to punish the company for a disappointing fourth-quarter forecast.
Amazon's stock closed down Tuesday for a fifth straight day, falling to the lowest since April 2020.The stock dropped 5.9% to $96.79.Andy Jassy, chief executive officer of Amazon.Com Inc., speaks during the GeekWire Summit in Seattle, Washington, U.S., on Tuesday, Oct. 5, 2021.Shares of the e-retailer plunged 5.9% on Tuesday, falling for a fifth straight day and closing at their lowest since April 2020. The sell-off has erased almost all of the stock's pandemic surge..
It's the first time Amazon's market cap has been below $1 trillion since April 2020. The stock has plunged 42% in 2021 and is on pace for its worst year since 2008, when it dropped 45%. The only other year that was worse was during the dot-com crash of 2000, when the company lost 80% of its value. Like the rest of Big Tech, Amazon has struggled this year due to a slumping economy, soaring inflation and rising interest rates. On top of that, Amazon has been forced to scale back after expanding dramatically during the pandemic, now that consumers have returned to stores.
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