Amazon (NASDAQ: AMZN) stock lost ground in Thursday's trading. The e-commerce and cloud computing giant's share price closed out the daily session down 2.6%, according to data from S&P Global Market Intelligence.

Amazon stock pulled back today following a report from Bloomberg that TikTok is planning on entering the e-commerce market. Wall Street is showing some concern that an innovative competitor could pressure the reigning online retail giant.

TikTok, which is owned by the Chinese company ByteDance, has a massive and highly engaged global user base -- and it could make waves in industries outside of its core social-media operations. Exactly what tack ByteDance and TikTok might take to enter and expand in the e-commerce market remains to be seen.

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Source Fool.com