Why Amazon Shares Are Falling After FedEx Warning

Amazon.com, Inc. AMZN shares are trading lower by 2.87% to $122.66 Friday morning amid overall market weakness following bearish economic comments form FedEx Corp FDX. An economic slowdown could weigh on consumer spending and impact e-commerce stocks.

What Happened?

FedEx issued preliminary results. The company said it now expects first-quarter revenue of approximately $23.2 billion and first-quarter adjusted earnings to be around $3.44 per share. FedEx has withdrawn its fiscal year 2023 earnings forecast.

The company expects business conditions to weaken further in the second quarter...Read More

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