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Why Amazon Shares Are Falling

Amazon.com, Inc. (NASDAQ: AMZN) shares are trading lower by 4.87% to $129.81 Tuesday afternoon after August CPI data showed greater-than-expected US inflation.

Benzinga · 09/13/2022 13:37

Amazon.com, Inc. (NASDAQ:AMZN) shares are trading lower by 4.87% to $129.81 Tuesday afternoon after August CPI data showed greater-than-expected US inflation. Rising inflation could weigh on consumer spending while further Fed rate hikes could drive an economic slowdown and cause consumers to cut spending on discretionary items.

What Happened?

According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.3% in August, down from 8.5% in July. The August CPI reading came in above average economist estimates of 8%.

Core inflation, which excludes volatile food and energy prices, was up 6.3% in August, above average economist estimates for a 6.1% gain...Read More

See Also: Here's How Much You'd Have Right Now If You Invested $1,000 In Apple Shares When Steve Jobs Resigned As CEO In 2011

According to data from Benzinga Pro, Amazon has a 52-week high of $188.11 and a 52-week low of $101.26.