Amazon’s stock is on track for first decline in seven sessions


Shares of Inc. AMZN, -2.52% slumped 3.1% in morning trading Friday, putting them on track for their first loss in seven sessions. Since the ecommerce and cloud giant’s stock closed at a 2-year low of $2,082.00 on May 24, the stock had soared 20.6% over the past six sessions through Thursday, the best six-day performance since it ran up 23.0% over the six-day stretch that ended Feb. 5, 2015. The rally had added $217.8 billion to the company’s market capitalization during that 6-day stretch. Many on Wall Street believe rallies of 20% ore more off a bear-market low defines a bull market. And at the May 24 close, the stock had plunged 38.5% from its March 29 closing high of $3,386.30, and plummeted 44.2% from its July 8, 2021 record close of $3,731.41. The stock has tumbled 27.1% year to date, while the SPDR Consumer Discretionary Select Sector ETF XLY, -2.92% has slid 25.0% and the S&P 500 SPX, -1.63% has shed 13.7%.

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