Amazon (AMZN) stock hit a 52-week low and later flipped into green territory amid a wild trading session on Monday. The stock was down more than 4% during the lows of the session, trading as low as $2,707 per share. But the stock still managed to close 1.33% higher, as the broader markets paired their losses and ended in the green.
Year to date the stock is down about 15%. Last year shares of the e-commerce giant traded relatively sideways, underperforming the broader markets.
Amazon fell 12% last week, which represented its largest weekly drop since December 2018.
Last week, The Wall Street Journal reported Amazon plans to open several large retail stores in the U.S. that resemble department stores.
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High growth names have been under pressure this year amid rising interest rates and a more hawkish-tone from the Federal Reserve. Tech and internet stocks have been getting hit particularly hard as investors take into account the prospects of higher interest rates eroding the value of future cash flows.
The Nasdaq Composite (^IXIC) declined more than 4% during the lows of the session with Information Technology stocks leading the declines. The Nasdaq is already in correction territory, down more than 10% from its last high.
The Nasdaq 100 Index (NQ=F) is on its longest losing streak since September.
The S&P 500 (^GSPC) was headed for correction territory on Monday.
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Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre
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