Amazon stock pulls back from big 2-day rally after report of hiring freeze

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Shares of Amazon.com Inc. AMZN, -0.31% fell 0.9% in premarket trading Wednesday, to pull back following a two-day rally of 7.2%, after a report that the ecommerce and cloud giant will hold off on some hiring. The stock’s rally had come after it closed at a 2 1/2-month low on Friday. The New York Times reported, citing an internal announcement, that the hiring freeze Amazon is implementing is on the corporate side of its retail business. Amazon becomes the latest company to freeze hiring as the economy slows. Amazon’s stock wasn’t the only one pulling back Wednesday, as futures ES00, -0.66% for the S&P 500 SPX, -0.41% declined 0.9% ahead of the open, after surging 5.7% the past two days to mark the best start to a quarter since 1938.

This article was originally published by Marketwatch.com. Read the original article here.

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