Amazon’s Stock Drops Toward Longest Losing Streak

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Amazon

Shares of Amazon.com Inc. AMZN, 1.77% slid 2.9% toward a sixth straight loss in afternoon trading Monday, as part of a broad stock market selloff in which the technology sector was the hardest hit.

The e-commerce and cloud behemoth’s stock is on track to suffer the longest losing streak since the eight-day stretch ended Aug. 5, 2019, according to Dow Jones Market Data. The stock, which is headed for a six-week low, has now tumbled 14.5% since closing at a record $3,731.41 on July 8.

The selloff comes as the S&P 500 SPX, 1.22% slumped 1.5% and the SPDR Consumer Discretionary Select Sector ETF XLY, 0.77% shed 2.8%. Amazon announced earlier Monday that Prime members will be able to send gifts on its mobile app with just the recipient’s mobile number or email address.

Amazon’s stock has lost 2.1% year to date, while the S&P 500 has gained 14.2% and the consumer discretionary ETF has rallied 13.3%.