Amazon.com, Inc. (NASDAQ:AMZN) shares are trading lower by 2.58% to $94.29 Wednesday. The stock is trading lower on downward momentum after the company last week reported worse-than-expected third-quarter sales results and issued fourth-quarter sales guidance below analyst estimates.
The stock is also trading lower amid overall market weakness as stocks fall on concerns over a tight labor market, which could impact future Federal Reserve policy.
Major indices are lower after the ADP National Employment Report showed private sector employment in October rose by 239,000 jobs, which has added to concerns of a tight labor market.
The Fed will announce its interest rate decision at 2:00 p.m. ET today.
What Else?
The bond market is pricing in a 90.2% chance of a fourth consecutive 0.75% rate hike this afternoon, according to CME Group.
The odds of a 0.75% rate hike have crept higher from 88.7% on Monday ahead of the Fed decision.
The Federal Reserve is unlikely to surprise with just a 0.5% cut this week given the consumer price index (CPI) gained 8.2% in September, exceeding economist estimates of 8.1%…Read More
Amazon has a 52-week high of $188.11 and a 52-week low of $97.66.
