Amazon shares have eliminated nearly all of their gains from the coronavirus pandemic, plummeting about 36 percent so far this year.
For the last two years, Amazon had been one of the top-performing companies throughout the global health crisis. As consumers stayed home, shoppers purchased many of their goods from the digital retailer, from toilet paper to face masks.
At the height of the COVID-induced market meltdown, the online retail giant saw its shares plunge to $1,785. The stock initiated a massive rally in the following months and posted a record-high closing price of $3,731.41 in July 2021. Shares had held steady for several more months before trigging a sharp selloff in April, effectively joining the broader tech-heavy slump.
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