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Amazon stock gives up post-covid gains!

Tech giants soared in the aftermath of Covid-19. Amazon.com investors just saw their post-Covid gains erased!

Mega-caps have been battered by rising inflation, the Federal Reserve’s interest-rate increases, and a slowing economy.

Tweet on Amazon stock fluctuation

Factset  chart on Amazon

Shares of Amazon are down nearly 3% Monday, on pace for their lowest close since March 2020.A weak outlook has pulled the stock down more than 23% since its third-quarter earnings at the end of October. The Nasdaq Composite has lost about 2% over the same period.

Analysts at Evercore ISI trimmed their 2023 expectations for the stock in a Sunday note, though still expect it to outperform.

Last week, cool retail sales and services data added to recession fears. Amazon has now slid 49% this year, set for its worst annual performance since it lost 80% during the burst of the internet bubble in 2000