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Amazon’s stock sinks toward worst day in more than 8 months amid AWS fears

Amazon’s stock sinks toward worst day in more than 8 months amid AWS fears


Amazon.com Inc.’s stock
AMZN,
-5.74%

is on track Wednesday for its largest one-day drop in more than eight months, as Alphabet Inc.’s
GOOG,
-9.61%

GOOGL,
-9.54%

cloud-computing slowdown appears to be spooking investors. Amazon’s stock is off 5.7% in afternoon trading and on pace to log its biggest one-day percentage decline since Feb. 3, when it fell 8.4%, according to Dow Jones Market Data. Alphabet and Microsoft Corp.
MSFT,
+2.95%

both posted results Tuesday afternoon, and “the common denominator in these two prints (was) the mention of ongoing optimizations,” Piper Sandler analyst Thomas Champion wrote in a note to clients. “Taken together, the momentum behind cost-cutting continues points to a steady-to-decelerating AWS growth print versus re-acceleration.” Amazon is due to post its own September-quarter results after the close of trading Thursday.



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