Amazon Shares Slip 3.5% as Fed Signals Potential Rate Hike
AMZN•AMZN•AMZN•AMZN•Amazon shares fell 3.5% as the Nasdaq slid 1.3% following a Fed report signaling potential rate hikes, with all 11 S&P sectors closing in negative territory and communication services and consumer discretionary plunging over 2%. Mega-cap peers Microsoft and Meta declined 4% and 5% respectively during the sell-off.
A post-Fed report release triggered a risk-off move across US equities, with the Dow down 1%, the Nasdaq off 1.3% and the S&P 500 also in negative territory. All 11 S&P sectors closed lower, led by communication services and consumer discretionary, each down over 2%.
Amazon shares fell 3.5% as part of the mega-cap underperformance trend, where Microsoft dropped 4% and Meta plunged 5%. The sell-off highlighted investor caution in technology and consumer discretionary names ahead of further Fed commentary.
