Why Amazon Shares Are Falling

Shares of several companies in the broader tech sector, including Amazon.com, Inc. AMZN, are trading lower amid market weakness as traders continue to digest Wednesday’s Fed rate hike announcement. A gain in treasury yields has weighed on technology and growth stocks.

The Federal Reserve last Wednesday 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.

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Amazon is a leading online retailer and one of the highest-grossing e-commerce aggregators.

According to data from Benzinga Pro, Amazon has a 52-week high of $3,773.08 and a 52-week low of $2,216.07.