Amazon stock (NASDAQ:AMZN) recorded its lowest close since the early 2022 post-COVID meltdown on Wednesday after closing lower for the eighth time in the last ten trading days. As a result of this decline, some exchange-traded funds (ETFs) with high equity weightings have come under pressure, causing several of them to hit new 52-week lows.
Amazon stock experienced a roughly 1.5% decline on Wednesday, reaching an intraday 52-week low of $81.69 before closing at $81.82. Amazon closed at $83.83 on March 12, 2020, as the depth of the COVID situation started to become apparent. The pandemic’s lowest closure occurred on March 12, while reaching an intraday low of $81.30 on March 16.
Additionally, AMZN’s performance on Wednesday was its worst since March 2019.
Amazon Stock Outlook
Currently, Amazon is included in 347 distinct exchange-traded funds, 126 of which are actively managed, 27 of which are classified as equal-weight funds, and 23 of which are ESG-based ETFs. Six ETFs, in contrast, have weighted allocations to Amazon of 20% or more. The six funds with the largest portfolio exposure to the mega-cap company are shown below.
- Weighting of 23.75% for the ProShares Online Retail ETF (ONLN).
- Weighting of 23.25% for the Consumer Discretionary Select Sector SPDR Fund (NYSEARCA:XLY).
- Weighting of 22.25% for the Fidelity MSCI Consumer Discretionary Index ETF (NYSEARCA:FDIS).
- Weighting of 22.20% for the Vanguard Consumer Discretionary ETF (NYSEARCA:VCR).
- Ultra Consumer Services (UCC) ProShares: 20.43% weighted
- Weighting of 20.38% for the ProShares Long Online/Short Stores ETF (CLIX)
AMZN’s performance for the year as a whole has decreased by 51.9%. On the other hand, ONLN fell by 52.1%, XLY by 40%, FDIS by 38.6%, VCR by 38.5%, and UCC and CLIX by 59.2% and 48.5%, respectively.
Although not at 52-week lows, ONLN and CLIX are trading above their COVID lows. VCR, XLY, and FDIS, however, have reached 52-week lows but are still above their COVID lows. And while UCC is only barely over that year’s low, it is neither below COVID lows nor at a 52-week low.
A standalone app for watching sports is apparently in the works at Amazon, according to other Amazon-related reports.
Amazon Stock Drops, Creating A Standalone Sports Streaming App
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