Amazon stock reverses early gain of at least 1% for 4th-straight day, heads for longest losing streak in 3 years
For the fourth-straight session, Amazon.com Inc.’s stock
AMZN,
has erased an intraday gain at least than 1% to trade lower. On Friday, the ecommerce giant’s stock was up as much as 1.5% just after the open, before pulling a sharp U-turn to fall 1.6% in morning trading. A lower close would mark the seventh-straight decline, which would be the longest losing streak since the eight-session stretch that ended Aug. 5, 2019. The stock has sunk 24.8% over the past seven days through morning trading Thursday, which puts it on track for the biggest seven-session selloff since it plummeted 26.0% over the seven-day stretch that ended Nov. 19, 2008. The stock has plunged 45.6% year to date, while the S&P 500
SPX,
has dropped 21.5%.
