Amazon closes below $1 trillion in market value for first time since 2020

Amazon.com Inc. shares fell on Tuesday, with the e-commerce and cloud-computing company closing below $1 trillion in market value for the first time since the early days of the Covid-19 pandemic more than two years ago.

The stock fell 5.5% to end at $96.79, representing a market capitalization of $987.4 billion. Shares closed at their lowest level since April 2020, and have dropped 42% this year. At its Nov. 18 peak, Amazon boasted a market cap of nearly $1.9 trillion.