What's Going On With Amazon Shares

Amazon.com, Inc. AMZN shares are trading lower by 2.37% to $87.84 Wednesday morning. The stock is potentially trading lower amid overall market weakness as investors anticipate upcoming CPI data. Major indices are also trading lower as investors assess the incoming results of the midterm elections.

What Else?

Amazon shares have seen marked weakness in recent sessions as stocks fall on concerns over a tight labor market, which could impact future Federal Reserve policy. Last Wednesday's Federal Reserve decision and subsequent comments from Fed Chair Powell sent stocks lower as Powell said the chances of a soft landing have narrowed and reiterated the need to combat inflation.

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Additionally, Amazon shares are now lower by around 21% after the company last month reported worse-than-expected third-quarter sales results and issued fourth-quarter sales guidance below analyst estimates.

According to data from Benzinga Pro, AMZN has a 52-week high of $188.11 and a 52-week low of $87.12.