Amazon Slides Below Support Level as Big Tech Weakness Continues
- Stock is underperforming Apple, Alphabet, other peers in 2021
- Several analysts have named Amazon a top pick for 2022
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Shares of Amazon.com Inc. fell on Monday for the seventh time in the last nine sessions to finish under a key technical level for the first time in more than a month.
The e-commerce giant’s stock sank 1.7% to close at $3,341.58, its lowest level since Nov. 2, bringing the shares under their 200-day moving average for the first time since early November. The decline came amid a broadly negative session for U.S. equities, and after last week’s downturn in high-growth names that was triggered by the Federal Reserve’s hawkish pivot. Apple Inc. lost 0.8%, while Microsoft Corp. dropped 1.2% and Meta Platforms Inc. tumbled 2.5%.