Amazon stock reverses early rally to trade lower again, putting it in danger of a 6th-straight loss

Shares of Amazon.com Inc. reversed an early gain to fall into negative territory, again, to put them in danger of a sixth-straight loss and the lowest close in 2 1/2 years. The ecommerce and cloud giant’s stock was up as much as 1.0% just after the opening bell, but was down 0.8% in morning trading. The stock had plunged 19.7% amid a five-day losing streak through Tuesday, which was the biggest five-day decline in 14 years. On Tuesday, the stock was up as much as 2.1% intraday before closing down 5.5; on Monday, it was up as much 1.4% before closing down 0.9%. If the stock closes down Wednesday, it would be the third six-day losing streak this year, and would be tied for the longest losing streak since the eight-day stretch that ended Aug. 5, 2019. Amazon’s selloff has been fueled by disappointing third-quarter results and downbeat outlook released last week, and amid growing concerns that persistent high inflation and interest rate increases will crimp consumer spending. The stock has tumbled 42.4% year to date, while the SPDR Consumer Discretionary Select Sector ETF has dropped 30.7% and the S&P 500 has shed 19.6%.

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