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Amazon stock slumps toward a 2-year low, has wiped out $400 billion in market cap since Q1 results

Shares of Amazon.com Inc. slumped 3.3% in afternoon trading Wednesday, putting them on track to close at a more-than two-year low. The ecommerce and cloud services behemoth’s stock, which is headed for the lowest close since April 9, 2020, has now tumbled 27.2% since first-quarter result were reported after the April 28 close, wiping out about $400.05 billion in market capitalization since then. Year to date, Amazon’s stock has now plunged 36.9%, while the SPDR Consumer Discretionary Select Sector ETF has dropped 28.3% and the S&P 500 has shed 17.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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