Amazon.com, Inc. (NASDAQ:AMZN) shares are trading lower as stocks pull back after gaining earlier in the session. A rise in yields has weighed on growth stocks.
The 10-year Treasury yield hit an intraday high of 1.624% Monday afternoon before dipping to around the 1.600% level. The spike in the 10-year note Monday comes after President Biden renominated Federal Reserve Chairman Jerome Powell for a second term.
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Amazon is a leading online retailer and one of the highest-grossing e-commerce aggregators by GMV. Retail-related revenue represents approximately 83% of the total revenue, followed by Amazon Web Services' cloud computing, storage, database, and other offerings (12%) and advertising services and cobranded credit cards (6%).
Amazon has a 52-week high of $3,773.08 and a 52-week low of $2,881.00.