Amazon.com, Inc. AMZN shares are trading lower by 3.73% to $88.16 going into the close of Thursday's session.Shares of retail and e-commerce companies are trading lower following Wednesday's Fed decision. The Fed raised rates by 50 bps and increased its federal funds rate projections while lowering its GDP outlook. These catalysts could negatively impact spending on non-essential products.
What Happened?
The broader market is slidingThursdayafter the Federal Reserve on Wednesday raised its target range for the federal funds rate by 0.5%, bringing the new targetup to a range of 4.25% to 4.5%.
The Fed willcontinueto reduceits holdings of Treasury securities,agency debt and agency mortgage-backed securitieson a monthly basis.The committee anticipates that ongoing increases in the target range will be appropriate to return inflation to its2%goal over time…Read More
According to data from Benzinga Pro, AMZN has a 52-week high of $174.17 and a 52-week low of $85.87.