Amazon: This marks the first time since the beginning of the Covid-19 outbreak more than two years ago that Amazon.com Inc.’s market worth has been less than $1 trillion. The stock dropped by 5.5% to finish at $96.79, giving it a market value of $987.4 billion. Shares dropped 42 percent this year and closed at their lowest level since April 2020. On November 18, Amazon’s stock market value was almost $1.9 trillion. It was Amazon’s fifth straight down session, and in that time, the company’s stock dropped by about 20%.
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Amazon had record profits during the pandemic
The Nasdaq 100 Index, on the other hand, fell 1% on Tuesday. The Seattle company’s earnings report from last week, in which it said it expected the slowest growth in its history during the holiday quarter, led to recent weakness. Amazon had record profits during the pandemic, but they said sales would only go up by 2–8% during what has always been their busiest time. Concerns about slowing growth and rising interest rates have put pressure on Amazon and most other big tech and internet stocks all through 2022. The economic uncertainty has traumatized the multiples of stocks that are worth a lot.
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