Amazon shares have eliminated nearly all of their gains from the COVID-19 pandemic, plummeting about 38 percent thus far in 2022.
For the past two years, Amazon had been one of the top-performing companies amid the global health crisis. As consumers stayed home, shoppers purchased many of their goods—from toilet paper to face masks—from the digital retailer.
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. The shares held relatively steady for several more months before trigging a sharp selloff in April, effectively joining the broader tech-heavy slump.
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