Amazon’s Biggest Drop Since 2014 Caps Miserable Month for Tech

Amazon shares are tumbling on Friday, with the e-commerce company seeing its biggest intraday percentage drop since October 2011, after it gave an outlook that was seen as disappointing.

Shares fell as much as 13%, taking them to their lowest since June 2020. The selloff erased more than $178 billion off the company’s market valuation. Amazon shares are down more than 20% for the month, their biggest one-month percentage drop since December 2018. The slump represents the latest hit to Wall Street’s biggest names, which have come under heavy pressure in April amid a tumultuous earnings season and concerns over Federal Reserve policy. The Nasdaq 100 Index has dropped 11% this month, erasing $1.75 trillion off the tech-heavy index’s market capitalization.