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Amazon has become the first company to lose a trillion dollars in market value, due to concerns about the future of its business and in conjunction with accelerating inflation and raising interest rates. Amazon shares fell 4.3% at $86.14 on Wednesday, with a market value of $878.7 billion, compared to a record level of $1.88 trillion in July 2021.
The company’s share witnessed a strong selling wave over the past months amid mounting fears of recession, causing the stock to lose about 50% of its value since the beginning of this year. And “Amazon” had expected last month to record the lowest rate of revenue growth in the company’s history during the holiday season, with economic uncertainty
Wall Street ended sharply lower on Wednesday, as gains made by Republicans in the midterm congressional elections looked more modest than some had expected, and investors focused on upcoming inflation data that will provide clues about the extent of the future interest rate hike. The major indexes’ losses were compounded by a higher Treasury yields after a weak auction of 10-year US Treasuries.
On Wednesday, Wall Street’s decline ended a three-day series of gains, during which the Standard & Poor’s 500 index gained about 3%.
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With election outcome still uncertain, investors have turned their attention to October inflation data due on Thursday, which could shed more light on whether the Federal Reserve may soften its hawkish stance on raising interest rates.
The Standard & Poor’s index fell by 78.91 points, or 2.06%, to close at 3749.20 points, and the Nasdaq Composite Index lost 263.02 points, or 2.46%, to 10,354.54 points. The Dow Jones Industrial Average fell 644.15 points, or 1.94 percent, to 32,516.68.
