Why Amazon Shares Are Getting Hammered

Amazon.com, Inc. AMZN shares are trading lower by 7.63% at $2,326.37 in sympathy with e-Commerce peers Etsy Inc ETSY and eBay Inc EBAY, which issued soft guidance. 

Amazon is also down amid market weakness following Wednesday’s rate hike announcement. The Federal Reserve Wednesday announced it would raise the key interest rate by 50 basis points.

The Federal Reserve raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years. The Fed also said it will begin reducing the size of its balance sheet starting on June 1… Read More

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Amazon is a leading online retailer.

According to data from Benzinga Pro, Amazon has a 52-week high of $3,773.08 and a 52-week low of $2,315.00.

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