The stock price of e-commerce giant Amazon has given up all the gains caused by the new crown pneumonia pandemic, falling back to the level when the epidemic began to shut down the US economy.
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As of Monday’s close, Amazon shares fell 3.4% to $84.92, their lowest closing price since March 16, 2020. Amazon shares are down 49% in 2022, on track for their worst year since the dot-com bubble burst in 2000. In 2000, Amazon’s stock price plummeted 80%. Among the top technology companies by market value, Meta shares have suffered their worst year, falling 66%, followed by Tesla’s 57%, and then Amazon.
Amazon shares closed down 3.4% on Monday
Amazon shares have fallen sharply this year as soaring inflation, a deteriorating economy and rising interest rates have sparked a broader tech sell-off. The tech-heavy Nasdaq Composite may be on track to underperform the S&P 500 for the first time in nearly 20 years. Trillions of dollars have been wiped off tech stocks.
This is a marked reversal from 2020. In 2020, Amazon’s then stock price rose on unprecedented online demand. At the height of the pandemic, Amazon was flooded with orders from consumers as many avoided going to brick-and-mortar stores and instead shopped for essentials and non-essentials online.
