Amazon Shares Suffer Longest Slide In 13 Years

Shares of Amazon suffered a drop of 3.2% on Monday as technology shares came heavily under pressure in light of the recent escalation of the trade war narrative by President Trump. There was also concern over the weakness in the Chinese Yuan, which fell under 7 against the U.S. dollar for the first time in a decade, prompting President Trump to accuse the Chinese of currency manipulation.

It isn’t the first losing session for the ecommerce giant however. Shares began falling eight sessions ago, just before Amazon released disappointing second quarter earnings. Combined with worries over anti-trust investigations and increased regulation, shares of Amazon have fallen nearly 13% over the past eight sessions, logging the longest losing streak in 13 years.

Amazon founder and CEO Jeff Bezos hasn’t helped either as filings show he sold $1.8 billion worth of Amazon stock last week. Of course that was just under 1 million shares, and Bezos still owns just over 58 million additional shares.

Despite the extended drop in shares, all 47 analysts that cover Amazon still have the equivalent of a buy rating on the stock, and the average price target is $2,282.29, or roughly 30% above the current levels for the stock.

Monday’s selloff extended far beyond Amazon as the Nasdaq lost 3.47% and the technology sector put in the worst performance of all eleven S&P 500 sectors, falling 4.1%.

Amazon shares are still up 17.5% since the start of 2019, but are now down 3.2% over the past 12 months.