Shares of Amazon (NASDAQ: AMZN) were falling today, as the tech giant followed the market's lead and pulled back in response to a better-than-expected jobs report.
Though strong jobs numbers may sound like good news, they make it more likely that the Federal Reserve will continue to raise interest rates and eventually induce a recession. Since Amazon is a cyclical business , driven by consumer spending on e-commerce and businesses spending on cloud infrastructure, the company is sensitive to the macroeconomic climate.
As a result, the stock finished the day down 4.8%, wiping approximately $60 billion off of its market cap. The Nasdaq also fell 3.8%.
Source Fool.com