What's Going On With Amazon Shares

Amazon.com, Inc. AMZN shares are trading lower by 3.73% to $88.16 going into the close of Thursday's session. Shares of retail and e-commerce companies are trading lower following Wednesday's Fed decision. The Fed raised rates by 50 bps and increased its federal funds rate projections while lowering its GDP outlook. These catalysts could negatively impact spending on non-essential products.

What Happened?

The broader market is sliding Thursday after the Federal Reserve on Wednesday raised its target range for the federal funds rate by 0.5%, bringing the new target up to a range of 4.25% to 4.5%.

The Fed will continue to reduce its holdings of Treasury securities, agency debt and agency mortgage-backed securities on a monthly basis. The committee anticipates that ongoing increases in the target range will be appropriate to return inflation to its 2% goal over time...Read More

According to data from Benzinga Pro, AMZN has a 52-week high of $174.17 and a 52-week low of $85.87.