Amazon erases 3.5% gain to turn negative, heads for 8th-straight loss

Shares of Amazon.com Inc.
AMZN,
-0.71%
slipped 0.7% in afternoon trading Friday, erasing earlier intraday gain of as much as 3.5%, to put it on track for the lowest close since March 16, 2020. A lower close would mark the fifth-straight day that the ecommerce giant’s stock gained at least 1% intraday before closing lower, and would also be the eighth-straight decline overall. An eight-day losing streak would be the longest since the eight-day stretch that ended Aug. 5, 2019. The stock has plummeted 26.5% during its current losing streak, the worst performance for the stock over any eight-day period since it lost 28.6% for the period ended Nov. 14, 2008. Amazon’s stock has dropped 46.8% year to date, while the Nasdaq Composite
COMP,
-0.52%
has shed 34.1% and the S&P 500
SPX,
-0.08%
has given up 21.9%.