Amazon CEO Andy Jassy
F. Carter Smith | Bloomberg | Getty Images
Shares of Amazon fell 12% for the week, as a broader market sell-off pressured technology stocks.
It marks Amazon’s worst one-week performance in four years, since Dec. 21, 2018, when the shares fell 13.4%.
Markets dropped Friday as investors grappled with the prospect of higher interest rates and mixed company earnings reports.
The tech-heavy Nasdaq Composite slumped 1.9%, and the S&P 500 declined 1.3%. The Dow Jones Industrial Average slid 1.3%.
Investors are increasingly nervous the Federal Reserve will have to raise interest rates several times this year to tackle high inflation. Adding to investors’ concerns, Netflix on Thursday reported a disappointing subscriber outlook, which sent its shares plunging almost 22% on Friday.
Netflix is the first major technology company to post earnings this season. Apple, Microsoft and Tesla are slated to announce financial results next week.
Amazon is scheduled to report results for the fourth quarter on Feb. 3.
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