What's Going On With Amazon Stock?

Amazon.com Inc AMZN shares are trading lower Monday. The stock has been trying to find support for most of the month since plunging on its third-quarter results at the end of October. 

What Happened: Amazon's market cap fell below the $1 trillion mark this month for the first time since April 2020. 

The e-commerce giant has struggled for most of the year in the face of interest rate increases as inflation remains near historically-high levels. Amazon has also been forced to scale back after investing heavily in expansion efforts during the pandemic. 

"Yesterday, we communicated the difficult decision to eliminate a number of positions across our Devices and Books businesses, and also announced a voluntary reduction offer for some employees in our People, Experience, and Technology (PXT) organization. Our annual planning process extends into the new year, which means there will be more role reductions as leaders continue to make adjustments," CEO Andy Jassy wrote in a letter to employees.

During the company's most recent earnings report, Amazon warned of a slowdown in the fourth quarter and guided for operating income to be in a range of $0 to $4 billion. 

Amazon is trading in a downtrend on the weekly chart. Check out some levels to watch here. 

Check This Out: Amazon Shows Weakness To General Market: Here's A Look At What's Happening

AMZN Price Action: Amazon has a 52-week high of $185.67 and a 52-week low of $85.87.

The stock was down 2.76% at $91.54 at time of publication, according to Benzinga Pro.

Photo: courtesy of Amazon.