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Amazon Closes Below $1 Trillion in Market Value for First Time Since 2020

  • A weak forecast contributed to a five-day drop for the stock
  • Tech has slumped this year on concerns over growth, rates
Amazon.com Inc. warehouse in the Staten Island, New York. 

Amazon.com Inc. warehouse in the Staten Island, New York. 

Photographer: Michael Nagle/Bloomberg

Amazon.com Inc. shares fell on Tuesday, with the e-commerce and cloud-computing company closing below $1 trillion in market value for the first time since the early days of the Covid-19 pandemic more than two years ago.

The stock fell 5.5% to end at $96.79, representing a market capitalization of $987.4 billion. Shares closed at their lowest level since April 2020, and have dropped 42% this year. At its Nov. 18 peak, Amazon boasted a market cap of nearly $1.9 trillion.