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Amazon leads declines in discretionary sector, streaming companies outperform

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Shares in Amazon.com closed down 4.2% on Wednesday, leading declines in the S&P 500 consumer discretionary sector while video streaming companies Warner Bros Discovery and Paramount Global rallied.

The logo of the web service Amazon is pictured in this June 8, 2017 illustration photo. REUTERS/Carlos Jasso/Illustration/report

had stepped down, ended up 8.4% at $13.12 a share. Licht's departure also contributed to its rally. Paramount shares closed up 3.9%. "To me these are desperate moves because that's money out the door to try to keep people on Amazon's platform," Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh, said regarding the report's suggestion that Amazon is adding new video providers for Prime.

 

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