Amazon.com, Inc. AMZN shares are trading lower by 3.31% to $108.80 during Friday's session. Shares of several companies in the tech sector, including Amazon, are trading lower amid a rise in treasury yields, which has pressured growth stocks. U.S. indices are also lower for the session as stocks give up gains following yesterday's rally as investors continue to weigh concerns over inflation.
The 10-year U.S. Treasury yield hit an intraday high of 4.006% Friday morning before dipping to around the 3.979% level. When interest rates rise, the value of future cash flows is reduced for growth stocks like Tesla, which in turn lower the value of the stock.
See Also: September Inflation Runs Hot At 8.2%, Sending Stocks Spiraling Lower: What You Need To Know
What Happened With Inflation Data Thursday?
According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.2% in September, down from 8.3% in August. The September CPI reading came in above average economist estimates of 8.1%.
On a month-over-month basis, CPI was up 0.4% versus average economist estimates for a 0.2% jump...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.
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