Shares of Amazon.com (NASDAQ: AMZN) were falling hard on Tuesday, down 5.4% as of 12:45 p.m. ET.
There wasn't much company-specific news today; the only announcement from Amazon was a press release announcing that it was expanding Amazon Music's ad-free offerings for Prime members, who will now get 100 million songs and top podcasts ad-free with their Prime membership.
That all sounds great for Prime members, but investors may be more concerned with Amazon's bottom line, and probably macroeconomic factors to a larger extent. It appears large funds may be continuing to lower their positions in Amazon and other large-cap tech names following last week's earnings reports, which disappointed many investors.
Source Fool.com