Amazon cancels out 2021 gains as tech stocks slide
The Amazon share price dipped on Monday cancelling out its gains for the current year.
*AMAZON DROPS AS MUCH AS 1%, ERASING 2021 GAINS AGAIN— zerohedge (@zerohedge) October 4, 2021
Down by 2.81% at the time of writing, the online retailer’s stock value is up by a negligible 0.08% year-to-date.
Amazon is on for its sixth negative session in a row since August 2019. Out of the five biggest names on Wall Street, Amazon is the only one to be in the red for the year.
% Below High...— Charlie Bilello (@charliebilello) October 4, 2021
Virgin Galactic: -64%
Today it wasn’t only Amazon struggling, as rising Treasury yields diverted investors’ attention away from tech stocks and towards other areas of the market.
Apple is down 2.81%, Microsoft fell 2.58%, Alphabet sank 3.19% and Facebook shedded 5.34%.
Despite their falls, sharp ones in some cases, all remain up on the year to varying degrees.
The 10-year Treasury yield remains below 1.5%, up from 1.3% in September, while US major tech stocks are diving.
Could it be a sign of things to come?
The 10 year Treasury yield is holding below 1.5%, but stocks are still tanking. Is Biden's crash here?— PERPETUAL OUTRAGE CZAR (@BobRmhenry1) October 4, 2021