Amazon market value plunges below $1 trillion for first time since 2020

Amazon.com Inc. shares fell on Tuesday, with the e-commerce and cloud-computing company closing below $1 trillion in market value for the first time since the early days of the Covid-19 pandemic more than two years ago.Shares closed at their lowest level since April 2020, and have dropped 42% this year.It was the fifth straight negative session for Amazon — down about 20% over the period. Meanwhile, the Nasdaq 100 Index fell 1% on Tuesday.the slowest holiday-quarter growth in its history.

Amazon, which had posted record profits during the pandemic, said sales would increase by only 2% to 8% during what has traditionally been its peak season. Amazon, along with most other major technology and internet stocks, has been pressured throughout 2022 by concerns over slowing growth and rising interest rates.

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