Amazon Stock Hits 52-Week Lows: What's Going On?

Amazon.com Inc AMZN shares are trading lower Thursday amid overall market weakness following better-than-expected U.S. GDP and jobless claims data, which have added to concerns of an overheating economy and tight labor market.

What To Know: Last week, the Federal Reserve raised its target fed funds rate by 0.5% following four consecutive 0.75% rate hikes as the Fed continues to battle historically high inflation.

Fed Chair Jerome Powell acknowledged that recent data was encouraging in a press conference following the Fed's decision on rates, but he indicated that it wasn't enough.

"It will take substantially more evidence to get confidence that inflation is on a sustained downward path," Powell said.

Thursday morning, billionaire hedge fund manager David Tepper said the risk/reward opportunity in the markets is skewed to the downside during an interview on CNBC's "Squawk Box."

"I think the upside/downside just doesn't make sense to me when I have ... so many central banks telling me what they're going to do," Tepper said.

Related Link: Billionaire David Tepper Is 'Leaning Short' As Central Banks Hike Interest Rates: Why He Says 'Don't Ignore' The Signs

He expects central banks across the globe to keep rates high for the foreseeable future. As a result, he is "leaning short" on equities. Tepper's comments may be negatively impacting markets.

Check This Out: The Bears Still Hold Amazon Tight But Here's Why A Bounce Is On The Horizon

AMZN Price Action: Amazon stock is making new 52-week lows on Thursday. The stock is approaching new lows not seen since 2019.

Amazon shares are down 5.16% at $82.29 Thursday afternoon, according to Benzinga Pro.

Photo: courtesy of Amazon.