Why Amazon Shares Are Diving

Why Amazon Shares Are Diving

Amazon.com, Inc. AMZN shares are trading lower by 3.25% to $114.17 during Thursday's trading session amid overall market weakness. Shares of several companies in the broader tech and consumer discretionary sectors are trading lower amid a rise in treasury yields.

The weakness in the overall market may also be weighing on the sector following Jobless claims for September that came in below estimates, which has added to concerns of further Federal Reserve action to curb the tight labor market.

What Happened?

U.S. initial jobless claims unexpectedly fell last week to the lowest levels since April, signaling the labor market remains resilient despite continued rate hikes from the Federal Reserve.

Jobless claims decreased by 16,000 for the week ending Sept. 24 to 193,000 from a downwardly revised level of 209,000 in the prior week, according to data the Labor Department released on Thursday...Read More

See Also: Surprise! Jobless Claims Fall To Lowest Levels Since April: What You Need To Know Now

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