© Reuters. What’s Going On With Amazon Shares
Amazon.com (NASDAQ:), Inc. (NASDAQ: AMZN) shares are trading lower by 2.58% to $94.29 Wednesday. The stock is trading lower on downward momentum after the company last week reported worse-than-expected third-quarter sales results and issued fourth-quarter sales guidance below analyst estimates.
The stock is also trading lower amid overall market weakness as stocks fall on concerns over a tight labor market, which could impact future Federal Reserve policy.
Major indices are lower after the ADP (NASDAQ:) National Employment Report showed private sector employment in October rose by 239,000 jobs, which has added to concerns of a tight labor market.
The Fed will announce its interest rate decision at 2:00 p.m. ET today.
What Else?
The bond market is pricing in a 90.2% chance of a fourth consecutive 0.75% rate hike this afternoon, according to CME Group (NASDAQ:).
The odds of a 0.75% rate hike have crept higher from 88.7% on Monday ahead of the Fed decision.
The Federal Reserve is unlikely to surprise with just a 0.5% cut this week given the consumer price index (CPI) gained 8.2% in September, exceeding economist estimates of 8.1%…Read More
Amazon has a 52-week high of $188.11 and a 52-week low of $97.66.
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