Amazon (AMZN) shares are in a late summer funk, and it's getting uglier by the trading day.
Shares of the tech beast have now entered a technical correction after tanking about 11% from August's all-time high. With the 2% decline on Tuesday, the stock finished the sessions below its key 100-day moving average per Yahoo Finance AlphaSpace data.
The stock has under-performed the S&P 500 this year, rising 10% compared to a 12% advance for the benchmark index.
Two factors may be in play driving the pullback in Amazon.
For starters, on Tuesday the Federal Trade Commission (FTC) and 22 states filed a suit alleging Amazon's advertising practices overcharged its roughly 1.2 million advertisers by $20 billion plus from 2019 to the present.
#tuesday #Stock #finance
Shares of the tech beast have now entered a technical correction after tanking about 11% from August's all-time high. With the 2% decline on Tuesday, the stock finished the sessions below its key 100-day moving average per Yahoo Finance AlphaSpace data.
The stock has under-performed the S&P 500 this year, rising 10% compared to a 12% advance for the benchmark index.
Two factors may be in play driving the pullback in Amazon.
For starters, on Tuesday the Federal Trade Commission (FTC) and 22 states filed a suit alleging Amazon's advertising practices overcharged its roughly 1.2 million advertisers by $20 billion plus from 2019 to the present.
#tuesday #Stock #finance
24 hours ago
