Amazon Shares Slide 3.06% to $246.03 as Nasdaq Drops 4%
AMZN•Amazon shares fell 3.06% to $246.03 during a broader Nasdaq decline of 4% after May payrolls exceeded forecasts with 172,000 jobs added. The sell-off reflects stretched AI and semiconductor positioning alongside rising Treasury yields pressuring equity valuations.
1. Market Sell-Off Driven by Jobs Data
A stronger-than-expected May jobs report added 172,000 positions, shifting rate-hold expectations toward potential hikes. This spurred a 4% drop in the Nasdaq as investors re-rated growth and tech names.
2. Amazon’s Relative Underperformance
Amazon closed at $246.03, down 3.06%, underperforming the broader index decline. The stock’s pullback contributed to the overall tech sector weakness during the session.
3. Key Volatility Factors
Heavy positioning in AI and semiconductors, combined with stretched valuations and rising Treasury yields, amplified selling pressure. Leverage in Korean equities and crowding in momentum trades further exacerbated the downturn.
